Cyprus manufacturing output stable

Manufacturing output stabilised in May after two months of consecutive decline, and recorded a zero increase on May 2004.

The figures for 2005 are somewhat distorted by the fact that the oil refinery stopped production in April 2004. However, manufacturing is suffering generally and only the category of wood and wood products has escaped decline every month this year.

Chemicals output, linked to the promising pharmaceuticals industry, which has seen good exports this year, rose by 9.3% year on year in May, after a fall of 0.3% in April.

As for the other industry categories, output in the mining sector fell by 5.3% year on year in May, perhaps as a result of an apparent slowdown in the building industry.

Electricity, gas and water output continued to rise strongly, by 11.3% compared with May 2004, while total industrial output, which includes manufacturing, mining, and electricity, gas and water, rose by just 1.8%.

Fiona Mullen