Industrial production drops by 8.4%

Industrial production recorded a drop of 8.4% in the first eleven months of 2020, data released by the Cyprus Statistical Service, on Thursday, show.

In particular, according to a CyStat press release, in November 2020, the Industrial Production Index reached 121.1 units (base 2015=100), recording a decrease of 4.1% compared to November 2019.

For the period January – November 2020, the index recorded a decrease of 8.4% compared to the corresponding period of the previous year, it says.
 
The sector of manufacturing registered a decrease of 5.0% compared to November 2019 and a decrease of 8.4% compared to the period January – November 2019. Comparing November 2020 with the corresponding month of the previous year, declines are also observed in the sectors of mining and quarrying (-4.3%) and of electricity supply (-0.9%). The sector of water supply and materials recovery recorded an increase of 0.3% compared to November 2019.
 
In the manufacturing sector, decreases have been recorded in most economic activities compared to November 2019. The most significant negative changes were observed in the manufacturing of electronic and optical products and electrical equipment (-22.6%), paper products and printing (-21.9%), furniture, other manufacturing and repair and installation of machinery and equipment (-21.2%), wood and manufacturing of wood products (-7.9%) and food products, beverages and tobacco (-5.4%). The most significant positive changes were observed in the manufacturing of basic metals and fabricated metal products (+6.3%), machinery and equipment (+4.2%) and other non-metallic mineral products (+2.4%).
 
Comparing the rates of change for the period January – November 2020 against the corresponding period of the previous year, decreases are observed in most economic activities, with the most significant ones relating to: water collection, treatment and supply (-26.7%), manufacture of furniture and repair/installation of machinery and equipment (-26.4%), manufacture of paper and paper products and printing (-26.3%), manufacture of textiles, wearing apparel and leather products (-21.9%) and manufacture of electronic and optical products and electrical equipment (-20.4%).

The only economic activities where an increase in production has been observed compared to the period January – November 2019 were those of manufacturing of chemicals, pharmaceutical products and preparations (+11.0%) and of rubber and plastic products (+1.4%).