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Industrial production grows 11.8% in May

29/07/2021 13:47

Industrial Production Index, recorded an annual increase of 11.8% in May 2021, reaching 126.7 units (base 2015=100).

According to a press release by the Statistical Service of Cyprus, for the period January – May 2021, the index recorded an increase of 9.6% compared to the corresponding period of the previous year.

The manufacturing sector registered an increase of 12.6% compared to May 2020. Increases were also observed in the sectors of water supply and materials recovery (+ 13.1%), mining and quarrying (+ 12.4%) and electricity supply (+ 8.0%).
 
 In the manufacturing sector, increases have been recorded in almost all economic activities compared to May 2020. The most significant positive changes were observed in the manufacturing of furniture, other manufacturing and repair / installation of machinery and equipment (+ 60.6%), machinery and equipment, motor vehicles and other transport equipment (+ 22.8%), electronic, optical products and electrical equipment (+ 22.3%), non-metallic mineral products (+ 13.7%), textiles, wearing apparel and leather products (+ 13.7%) and food products, beverages and tobacco products (+ 13.5%). The only economic activity where a decrease was observed compared to May 2020 was the manufacturing of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (-7.3%).
 
 Comparing the rates of change for the period January - May 2021 against the corresponding period of the previous year, increases are observed in most economic activities, with the most significant ones relating to the activities of: electronic, optical products and electrical equipment (+55 , 9%), mining and quarrying (+ 35.5%), non-metallic mineral products (+ 32.2%), materials recovery (+ 21.9%), basic metals and fabricated metal products (+21.0 %), rubber and plastic products (+ 17.7%) and the manufacturing of furniture, other manufacturing and repair / installation of machinery and equipment (+ 13.6%). The economic activities where a decrease in production was observed compared to the period January - May 2020 were those relating to the production of paper, paper products and printing (-9.5%), refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (-2.4%) and electricity supply (-1.7%).