Cyprus industrial production rises in June

Industrial production in Cyprus recorded a 6.1 per cent increase year-on-year during June 2024, according to a report released this week by the Cyprus Statistical Service (Cystat).

The Industrial Production Index reached 117.3 units, with 2021 acting as the base year set at 100 points, marking an overall rise of 5.5 per cent for the first half of the year compared to the same period in 2023.

In particular, the manufacturing sector saw a modest growth of 2.1 per cent compared to June last year.

More substantial increases were observed in the electricity supply sector, which surged by 33.7 per cent, as well as in mining and quarrying and water supply and materials recovery, which increased by 3.3 per cent and 2.9 per cent, respectively.

Within manufacturing, the most notable gains were in the production of electronic and optical products and electrical equipment, which soared by 15.2 per cent.

Similarly, machinery and equipment, including motor vehicles and other transport equipment, rose by 14.2 per cent, and the sector of furniture and repair and installation of machinery and equipment grew by 13.1 per cent.

Conversely, several sectors faced declines. The production of other non-metallic mineral products dropped sharply by 11.9 per cent, while textiles, wearing apparel, and leather products fell by 8.6 per cent.

Additionally, the paper, paper products, and printing sector, along with rubber and plastic products, each decreased by 3.3 per cent.

Comparing the first half of 2024 with the same period in 2023, water collection, treatment, and supply recorded a significant boost of 32.9 per cent.

The manufacture of electronic and optical products and electrical equipment reported a robust increase of 16.4 per cent, with basic metals and fabricated metal products not far behind at a 12.9 per cent increase.

Mining and quarrying expanded by 11.7 per cent, matched by a similar rise of 11.7 per cent in the manufacturing of furniture and repair and installation of machinery and equipment.

Not far behind, the manufacturing of machinery and equipment, motor vehicles, and other transport equipment grew by 11.5 per cent, while materials recovery posted an increase of 11.3 per cent.

On the downside, the period witnessed declines in the manufacturing of paper and paper products and printing, which dropped by 3.8 per cent, and a slight decrease in the production of other non-metallic mineral products by 1.8 per cent.