The Statistical Service has announced the publication of the annual report “Industrial Statistics. 2007”.
The report provides detailed data on the broad industrial sector, covering manufacturing, mining and quarrying, and electricity and water supply.
In 2007 the performance of the sector showed marks of recovery after the deceleration that was observed in 2006.
The real rate of growth (as measured in terms of the value added at constant market prices of 2000 by the chain linking method) is estimated at 1.6% compared with a reduction of 2.5% in 2006 for the whole industrial sector.
For manufacturing an increase of 0.9% is estimated, for mining and quarrying an increase of 4.5% and for electricity and water supply also an increase of 3.5%.
The major developments within each section during 2007 were as follows.
Mining and quarrying up by 9.5% by value
The mining and quarrying subsector increased by 9.5% at current market prices compared with the previous year.
It is estimated that the value added increased from CYP 27.7 million in 2006 to CYP 30.3 million in 2007.
The value added of the manufacturing section at current market prices reached CYP 714.8 million in 2007 compared with CYP 684.2 million in 2006, thus rising by 4.5%.
The Statistical Service said this was mainly due to the growth of the other non-metallic mineral products and the basic metals and metal products sub-sections.
Food is the biggest subsector
Food, beverages and tobacco industries, which is traditionally the largest sub-sector, contributed 32.1% to manufacturing value added in 2007, which remained constant at CYP 229.7 million.
The continued growth of the construction sector enabled the sub-sector of “other non-metallic mineral products” to increase its contribution to value added and reach CYP 115.6 million compared with CYP 109.7 million in 2006 at current market prices, registering an increase of 5.4%.
The group therefore remained the second largest in manufacturing.
The price index of domestically produced manufactured goods rose by 4.5% over 2006, compared with a 3.0% increase in the previous year. This is attributed to an increase of 4.9% in local market prices and 0.2% in export prices.
Industrial exports increased significantly from CYP 199.8 million in 2006 to CYP 218.4 million in 2007. Exports to the countries of the European Union constituted 58.1% of the total, exports to the countries of the Middle East 14.4% and exports to other countries 27.5%.
Expenditure on fixed assets in the sector decreased to CYP 101.9 million during 2007 compared with CYP 118.4 million in 2006.
Machinery and equipment accounted for 50.2% of total investments, new buildings and works for 36.4% and transport equipment for the remaining 13.4%.
Employment in the manufacturing sector increased to 37,200 people compared with 36,700 thousand people in 2006. The percentage share of unemployment in the section to the total unemployment in the economy is estimated at 9.3%, with average unemployment reaching 1,433 persons in 2007 compared with 1,526 in 2006.
Electricity and water supply
During 2007 there was an increase in the rate of growth of this sector, estimated at 8.0% compared with 5.4% in 2006. The value added at current market prices reached CYP 176.1 million.
Sales of electricity rose by 3.9% to 4.298 million kWh in 2007 from 4.135 million kWh in 2006.
Consumption of electricity by households increased by 7.1%, electricity for water pumping purposes by 6.7% and electricity for public lighting by 2.1%.
Consumption of water in towns is estimated to have increased by 1.5% to 32.2 million tonnes compared with 31.7 million tonnes in 2006.
