Industrial production up 2% y-o-y

The Industrial Production Index in Cyprus reached 112.5 units in October, an increase of 2.0% compared to the same month last year, while for the January-October period, the index rose 3.8% compared to the corresponding period in 2023.

The statistical service Cystat said that the manufacturing sector registered an increase of 1.8% compared to October 2023. An increase was also observed in the sectors of mining and quarrying (+5.9%), water supply and materials recovery (+5.7%) and electricity supply (+1.1%).

In the manufacturing sector, the most significant positive changes compared to October 2023 were in the manufacturing of rubber and plastic products (+12.5%), machinery and equipment, motor vehicles and other transport equipment (+9.1%), other non-metallic mineral products (+7.7%) and food products, beverages and tobacco products (+6.3%).

The biggest negative changes were in the manufacturing of paper and paper products and printing (-17.9%) and textiles, wearing apparel and leather products (-11.5%).

The Cystat report added that comparing the rates of change for period January-October period against the corresponding period of the previous year, the most significant positive changes were in water collection, treatment and supply (+22.9%), manufacturing of electronic and optical products and electrical equipment (+12.8%), mining and quarrying (+12.0%), the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+11,.0%) and materials recovery (+9.2%).

The most important negative changes in production were in the manufacture of paper and paper products and printing (-11.0%) and the manufacture of textiles, wearing apparel and leather products (-4.1%).