The Industrial Turnover Index in Cyprus decreased by 4.4 per cent in March of this year, when compared to March 2023, dropping to 132 units, with 2021 acting as the base year set at 100 units, according to a report released this week by the state’s statistical service.

The report noted that for the period from January to March 2024, the index showed a slight increase of 0.8 per cent, when compared to the same period in 2023.

Breaking the data down by economic activity, the turnover in manufacturing decreased by 1.5 per cent in March of this year, compared to the same month in 2023.

What is more, in the electricity supply sector, the turnover saw a significant reduction of 18.4 per cent.

On the other hand, the mining and quarrying sector experienced a 1.8 per cent increase in turnover, while the water supply and material recovery sector saw a substantial rise of 6.7 per cent compared to March 2023.