Cyprus industrial production index rises in October

Cyprus saw a significant surge in the Industrial Production Index in October 2023, reaching 138.6 units, with 2025 being the base year, marking a 5.4 per cent increase, according to a report released this week by the state’s statistical service.

In the manufacturing sector, there was a notable 4.6 per cent increase when compared to October 2022.

In addition, there were also significant rises in the water supply and materials recovery sectors (24.7 per cent), mining and quarrying (14.2 per cent), and electricity supply (3.6 per cent).

In manufacturing specifically, substantial positive changes compared to October 2022 were witnessed in the production of electronic and optical products and electrical equipment (up by 66.5 per cent), products from oil refining, chemical substances, pharmaceuticals (up by 17.2 per cent), and textile materials, clothing items, and leather goods (up by 12 per cent).

Moreover, increases were observed in machinery, transportation equipment, and other transport equipment manufacturing (up by 10.9 per cent), and paper and paper products manufacturing and printing (up by 10.5 per cent).

The only sectors witnessing negative changes were the manufacturing of other non-metallic mineral products (down by 6.7 per cent), furniture manufacturing and machinery and equipment repair and installation (down by 5.1 per cent), and the production of products from rubber and plastic materials (down by 1.4 per cent).

From January to October 2023, the index showed a 2.1 per cent increase compared to the same period in the previous year.

Comparing the rate of change for the January–October 2023 period with the corresponding period of the previous year, significant increases were observed in the manufacturing of electronic and optical products and electrical equipment (up by 28.1 per cent), and machinery and equipment manufacturing, motor vehicles, and other transport equipment (up by 12.2 per cent).

Additionally, increases were observed in textile material production, clothing items, and leather goods (up by 9.9 per cent), basic metals production, and metallic product manufacturing (up by 9.3 per cent), materials recovery (up by 8.2 per cent), as well as mining and quarrying (up by 7.4 per cent).

The only activities showing decreases in production compared to the January–October 2022 period were furniture manufacturing and machinery and equipment repair and installation (down by 8.2 per cent), electricity supply (down by 2.2 per cent), and products from rubber and plastic materials (down by 0.7 per cent).