Cyprus industry continues its decline in April

**But prices still up**

Industrial production continued its decline in April, falling by 9.8% compared with April 2011.
Within the overall industrial sector, manufacturing dropped by 8.7%.
In January – April 2012 industrial production declined by 10.8% compared with the same period of the previous year.
Meanwhile, industrial turnover fell by 9.8% compared with the same month of the previous year in March 2011 and the manufacturing sub-index fell by 16.2%.
During the first quarter of 2012 turnover fell by 3.0% compared with the same period of the previous year.
Manufacturers do not appear to be responded to the decline by cutting prices, however.
Industrial output prices in May rose by 1.9% compared with the previous month and in January-May 2012 prices rose by 8.1% compared with the corresponding period of the previous year.
Separately, the price index of construction materials rose by just 0.07% over the previous month in May and by 1.52% over the year earlier in January – May 2012.