Between January and October 2024, the industrial production index in Cyprus increased by 3.8 per cent compared to the same period in 2023, according to a report released from the state’s statistical service.

Significant growth was observed in key sectors, including water supply (22.9 per cent), manufacturing of electronic and optical products and electrical equipment (12.8 per cent), and mining and quarrying (12 per cent).

In addition, machinery and vehicle production also rose, (11 per cent), as did material recovery (9.2 per cent).

In contrast, declines were recorded in paper and printing production (-11 per cent) and textile, clothing, and leather goods manufacturing (-4.1 per cent).

For October 2024 alone, the industrial production index reached 112.5 points, with 2021 acting as the base year 2021 set at 100 points, marking a 2 per cent increase compared to October 2023.

The manufacturing sector grew by 1.8 per cent in October, with additional growth in mining and quarrying (5.9 per cent), water supply and material recovery (5.7 per cent), and electricity supply (1.1 per cent).

Within manufacturing, the strongest year-on-year growth in October was seen in rubber and plastics (12.5 per cent), machinery and transport equipment production (9.1 per cent), non-metallic mineral products (7.7 per cent), as well as food, beverage, and tobacco industries (6.3 per cent).

On the other hand, the steepest declines were recorded in paper production and printing (-17.9 per cent) and textiles, clothing, and leather goods (-11.5 per cent).