Industrial production on track for recovery in May

Industrial production in Cyprus marked significant recovery in May, reflecting the return of activity associated with the gradual relaxation of restrictive measures to contain the spread of the coronavirus pandemic.

According to the Cyprus Statistical Service (Cystat) industrial production in May is provisionally estimated at 116.7 units (base 2015=100), marking a significant increase of 48% compared with April when a full lockdown was in effect.
 
Manufacturing rose to 126.8 units in May registering an increase of 52.4% compared with the previous month, according to Cystat.
 
However, on an annual basis the index of industrial production declined by 14.9%, whereas for the period of January – May the index fell by 11.4% compared with the respective period of last year.
 
For manufacturing, the index for May 2020 marked a reduction of 15.2% compared to May 2019. For the period January – May 2020, the manufacturing sector declined by 11.7% compared to the same period of the previous year, Cystat added.
 
It should be noted that the average index of industrial production for 2019 marked the highest level in the last nine years.