Cyprus industrial production index rises in February

The Industrial Production Index in Cyprus experienced an increase of 6.7 per cent year-on-year in February, reaching 103.4 points, with 2021 acting as the base year with a value of 100 units, according to a report released this week by the Cyprus Statistical Service.

Focusing on sectoral performance, the manufacturing sector experienced a growth of 6.9 per cent in comparison to February 2023. Additionally, there was a substantial rise in the sectors of water supply and material recovery, which surged by 33.8 per cent, and mining and quarrying, which increased by 29.3 per cent.

On the contrary, the electricity supply sector registered a decline, with a decrease of 5.2 per cent.

Within the manufacturing sector itself, the most significant positive changes from February 2023 were observed in several key economic activities.

These included the manufacture of other non-metallic mineral products, which increased by 15.7 per cent, and the manufacture of furniture along with the repair and installation of machinery and equipment, which rose by 14.9 per cent.

Moreover, there was a 13.4 per cent increase in the manufacture of machinery and equipment, motor vehicles, and other transport equipment, and a 10.1 per cent rise in the production of base metals and the manufacture of metal products.

Conversely, the only negative change was noted in the activity of manufacturing paper and paper products and printing, which saw a decrease of 2.3 per cent.

Overall, during the period from January to February 2024, the index showed a cumulative increase of 5.8 per cent compared to the corresponding period of the previous year.