Cyprus industry records smallest decline for 14 months

Industrial production in Cyprus recorded its smallest decline for 14 months according to our analysis.
The Statistical Service reported that the index of industrial production fell by 2.7% in February compared with the same period of 2009.
This was better than the 3.0% decline in January down from and was the smallest decline since December 2008.
The biggest decline in the past 14 months was in May 2009, when industrial output dropped by 11.5%.
The main turnaround has been in machinery and equipment, which recorded a leap over the year earlier of 77.2% in February.
Motor vehicles and other transport, on the other hand, saw a decline of 27.8%.
For the period January – February 2010, the industrial production index recorded a decrease of 2.9% compared to the same period of the previous year.
Manufacturing in the same period fell by 6.2%.
Meanwhile, industrial output prices inched up by 0.5% in March compared with the previous month.
In the first quarter of 2010, industry price rose by 1.3% compared with the same period of 2009.
www.sapientaeconomics.com