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Cyprus industrial turnover increases in September 2023

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The Cyprus Statistical Service (Cystat) released a report this week revealing a notable upturn of 6.7 per cent in industrial business activities during the first nine months of 2023, compared to the same period last year.

According to the report, September 2023 witnessed a substantial rise in the Industrial Turnover Index, reaching 206.6 units, with 2015 having been designated as the base year.

This represented an increase of 0.6 per cent when compared to September 2022, reflecting the ongoing growth trend within the industry.

Breaking down the sectors, manufacturing particularly exhibited a significant surge, with the September 2023 index hitting 188.8 units, marking a 5.2 per cent increase from September 2022.

This growth trajectory was also evident in mining and quarrying, recording a notable upturn of 4.7 per cent.

However, sectors related to electricity supply reported a decline of 10.7 per cent, while water supply and waste management showed a 4.0 per cent decrease during the same period.

The sustained growth and increased activities in the industrial sector serve as promising indicators for economic momentum and resilience within the market.

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