Cyprus industrial output drops 9.8% y/y in May

**Pharmaceuticals and electronics hold up**

The index of industrial production for May 2012 fell by 9.8% over the year earlier in May 2011, with manufacturing declining by 8.4%.
However, the overall index hides a strong showing by “Chemical Products and Pharmaceutical Products and Preparations”, which rose by 15.5% compared with May 2011 and electrical equipment, which increased by 12.2%.
As well as overall manufacturing other broad industrial sectors also recorded a decline.
Mining and quarrying was down a whopping 45.7%, electricity supply fell 9.3% and water supply and materials recovery down dropped 9.3%.
In January -May 2012, industrial production fell by 10.6% compared with the same period of the previous year while overall manufacturing decreased by 8.4% in the same period.
Meanwhile, industrial output prices in June 2012 rose by 0.4% over the previous month and manufacturing rose by 0.5%.
In January-June 2012, the price index increased by 8.1% compared with the corresponding period of the previous year.