Cyprus industrial production index up 3 per cent in August 2023

Cyprus’ Industrial Production Index continued to experience an upward trajectory, increasing by 3 per cent in August 2023, reaching 121.8 points, with 2015 being set as the base year, compared to August 2022, according to a report released on Monday by the state’s statistical service.

This marks the fourth consecutive month of growth for the index, reflecting a steady positive trend in the country’s industrial production.

From the beginning of the year until August, the Index registered an overall increase of 0.7 per cent when compared to the same period in the previous year.

The Statistical Service’s data revealed that in the sector of manufacturing, there was a notable 2.3 per cent increase compared to August 2022.

Moreover, various specific industries, including mining and quarrying (+5.7 per cent), electricity supply (+4.6 per cent), and water supply and materials recovery (+4.5 per cent), also reported substantial growth.

In the manufacturing sector, significant positive developments, compared to August 2022, were observed in various economic activities.

These include the manufacturing of electronic and optical products and electrical equipment, which saw an impressive growth rate of 20.7 per cent.

Additionally, the production of machinery, motor vehicles, and other transport equipment increased by 17.7 per cent, while the wood industry and the production of wood and cork products, except furniture, recorded a growth rate of 15.9 per cent.

Other notable sectors that experienced growth included the production of textile materials, clothing, and leather products (+13.7 per cent), basic metals production, and the manufacture of metal products (+11.4 per cent), as well as the food, beverage, and tobacco industry (+2.4 per cent).

However, some sectors experienced a decline in production. The manufacturing of furniture and the repair or installation of machinery and equipment saw a reduction of 6.8 per cent, and paper production and printing recorded a decrease of 4.3 per cent.

Comparing production rate changes for the period from January to August 2023 with the same period in the previous year, the most significant increases were found in the production of textile materials, clothing, and leather products (+14.6 per cent), the manufacturing of machinery and equipment, motor vehicles, and other transport equipment (+14.2 per cent).

In addition, increases were also observed in electronic and optical product manufacturing and electrical equipment (+13.1 per cent), as well as basic metals production and the manufacture of metal products (+12.3 per cent).

The only activities showing a decrease in production compared to the January to August 2022 period were furniture manufacturing and the repair or installation of machinery and equipment (-11.1 per cent), as well as electricity supply (-8.0 per cent).