Cyprus industry continues revival in July

The industrial production index in Cyprus rose by 7.4% over the same month of 2006 in July, to reach 132.4 (Base 2000=100).

For the period January-July 2007 the index recorded an increase of 3.5% compared to the same period of the previous year.

This compares with industrial production growth of only 0.8% in 2006.

The recovery has been led by the manufacturing sector, which rose year on year by 6.6% in July and by 3.2% in the first seven months of 2007.

After two years of decline, partly owing to the closure of the oil refinery in 2004, which dragged down the index, the manufacturing sector looks set to record an increase in 2007 for the first time since 2004.

The sectors performing particularly well are electrical and optical equipment, up 10% in the first seven months, and chemicals and man-made fibres, up 9.7% in the same period.

 

Fiona Mullen