The Industrial Production Index for January–December 2024 increased by 3 per cent, compared to the same period the year before, according to a report from the Cyprus Statistical Service (Cystat).

Among the sectors showing notable growth, the collection, processing, and supply of water saw the largest rise at 23 per cent.

Other sectors that performed well included the manufacture of electronic and optical products and electrical equipment (12.9 per cent) and machinery and equipment manufacturing, motor vehicles, and transport equipment (10.4 per cent).

Additionally, material recovery (8 per cent) and mining and quarrying (7.5 per cent) also saw significant growth.

On the downside, there were declines in several sectors compared to the previous year.

These included the production of paper and paper products and printing (-12.1 per cent), textile materials, clothing, and leather products (-6 per cent), and the manufacture of other non-metallic mineral products (-4.8 per cent).

In December 2024, the Industrial Production Index stood at 109.5 points, with 2021 acting as the base year set at 100 points, marking a 3.3 per cent increase, when compared to December 2023.

The manufacturing sector saw a modest increase of 0.8 per cent in December 2024 compared to the previous year.

There were also notable increases in electricity supply (+15.8 per cent), water supply and material recovery (+15.0 per cent), and mining and quarrying (+2 per cent).

Within the manufacturing sector, the most significant growth was in the production of electronic and optical products and electrical equipment (+16.8 per cent), followed by machinery and equipment manufacturing, motor vehicles, and transport equipment (+12.3 per cent).

Conversely, the biggest decreases were in textile materials, clothing, and leather products (-15.8 per cent), paper and paper products and printing (-15.8 per cent).

The category of furniture production, and the repair or installation of machinery and equipment also fell, dropping by 7.4 per cent.