Cyprus’ industrial and manufacturing sector, contributing 13% to 16% of GDP in recent years, was deeply impacted by the loss of work-hours due to three lockdowns since the pandemic started and a drop in consumer demand.
All sub-sectors of the Industrial Turnover Index for February saw a combined loss of 5.9% compared to February 2020, on the eve of the coronavirus crisis hitting the island and the world economy.
With the index dropping to 124.9 points, this means that Cyprus industrial output has grown a mere 24.9% in the past six years, using 2015 as the 100-base.
For the two months, January-February 2021, the same index saw a drop of 9% year-on-year.
However, the only bright spot on the horizon was the export of some categories of industrial goods.
The department of statistics, CyStat, said for manufacturing, the Industrial Turnover Index for February reached 132.1 units, a decrease of 1.7% compared to February 2020.
Decreases of 30.4% and 2.0% were also observed in the electricity supply sectors and mining and quarrying.
The corresponding year-on-year drop for the two months was 23.3% and 0.1%, respectively.
On the contrary, an increase of 17.8% was noted in the water supply and materials recovery sector in February, with the two-month growth at12.8% year-on-year.
Clothing and leatherwear, paper products and printing, machinery and motor vehicle goods manufacturing saw the biggest drop in February, compared to the same month last year, with the only growth in furniture, repair and installation of machinery, and electronic and electrical equipment.
Main industrial groupings also compile the index: intermediate goods, energy, capital goods, durable consumer goods and non-durable consumer goods.
It does not include sewerage, waste collection, treatment and disposal and remediation activities.
For manufacturing, all enterprises with a turnover of at least €1.7 mln and more than 20 employees are included in the survey, while a sample is selected from enterprises employing less than 20 staff.
The Electricity Authority of Cyprus presents the only commercial electricity producer and supplier, providing sales data. Data are also collected from water distribution (water development boards) and desalination enterprises.