Industrial turnover declined by 7.7% in 2020

Cyprus’ Industrial Turnover Index for the period of January – December 2020 declined by an annual 7.7% affected by the coronavirus pandemic.

According to data released by the Statistical Service of Cyprus (Cystat), the index for the local market declined by 9.9% in 2020 compared with the previous year whereas the index for exports marked an increase of 5% year on year.

All economic activity sectors were affected by the pandemic and recorded losses compared with 2019 except the manufacturing of Refined Petroleum Products, Chemicals and Chemical Products and Pharmaceutical Products and Preparations which rose by an annual 13.5% and the manufacturing of Electronic and Optical Products and Electrical Equipment which recorded an annual increase of 1.7%.
 
According to Cystat, in December 2020, the Industrial Turnover Index reached 134.9 units (base 2015=100), recording a decrease of 6% compared to December 2019.
 
For manufacturing, the Industrial Turnover Index for December 2020 reached 140.8 units (base 2015=100), recording a decrease of 3.2% compared to December 2019, Cystat said.
 
A decrease of 24.7% was also observed in the sector of electricity supply. On the contrary, increases of 19.4% and 15% were noted in the water supply and materials recovery sector and in the mining and quarrying sectors respectively.