Cyprus industrial production up 2.7 per cent in May 2024

Industrial production in Cyprus recorded a 2.7 per cent increase year-on-year during May 2024, according to a report released this week by the Cyprus Statistical Service (Cystat).

This rise brought the Industrial Production Index to 113.1 points. Moreover, over the first five months of 2024, the index exhibited a robust 5.3 per cent increase compared to the same period last year.

Delving into the specifics, the manufacturing sector experienced a modest uptick of 2.4 per cent compared to May 2023.

Notably, the water supply and materials recovery sectors saw a significant surge, recording a 12.6 per cent increase, while the electricity supply sector grew by 2.8 per cent. In contrast, the mining and quarrying sector faced a decline of 4.6 per cent.

Within the manufacturing sector, some economic activities demonstrated particularly strong performance.

The manufacture of electronic and optical products and electrical equipment soared by 13.6 per cent, while the basic metals and fabricated metal products sector rose by 6.6 per cent.

Additionally, the manufacture of machinery and equipment, motor vehicles, and other transport equipment increased by 6.5 per cent.

However, not all manufacturing activities fared well. The manufacture of paper and paper products, along with printing, experienced a significant decline of 10.3 per cent.

Similarly, the manufacture of rubber and plastic products dropped by 6.5 per cent compared to May 2023.

When examining the January-May 2024 period, the most substantial growth was recorded in water collection, treatment and supply, which jumped by an impressive 42.1 per cent.

The manufacture of electronic and optical products and electrical equipment also showed a considerable increase of 16.7 per cent.

Furthermore, the sectors of basic metals and fabricated metal products, mining and quarrying, materials recovery, furniture manufacturing, and the repair/installation of machinery and equipment all saw double-digit growth, with increases of 13.8 per cent, 13.7 per cent, 13.1 per cent, and 11.4 per cent respectively.

The manufacture of machinery and equipment, motor vehicles, and other transport equipment also performed strongly, rising by 10.8 per cent.

On the downside, a few activities recorded decreases in output over this period. The manufacture of paper and paper products, along with printing, fell by 4.8 per cent.

Additionally, the manufacture of refined petroleum products, chemicals and chemical products, and pharmaceuticals and pharmaceutical preparations saw a slight decline of 1.6 per cent.

Finally, the electricity supply sector also experienced a marginal decrease of 0.3 per cent.