Industrial production up by 2.5%

Industrial production marked an increase of 2.5% in the first nine months of this year on an annual basis, data released by the Cyprus Statistical Service (CyStat) show.

In particular, a press release published on CyStat's website sayd that in September 2022, the Industrial Production Index reached 142.7 units (base 2015=100), recording an increase of 1.1% compared to September 2021.

For the period January – September 2022, the index recorded an increase of 2.5% compared to the corresponding period of the previous year, it adds.

According to the data, the manufacturing sector registered an increase of 1.0% compared to September 2021. Increases were also observed in the sectors of mining and quarrying (15.1%) and water supply and materials recovery (3.5%). The electricity supply sector recorded a decrease of 0.6% compared to September 2021.

In the manufacturing sector, CyStat says, the most significant positive changes compared to September 2021 were observed in the manufacturing of other non-metallic mineral products (25.2%), textiles, wearing apparel and leather products (10.3%) and furniture and repair/installation of machinery and equipment (9.2%).

On the other hand, the most significant negative changes were observed in the manufacturing of electronic, optical products and electrical equipment (44.9%) and the manufacturing of basic metals and fabricated metal products (10.1%).

The press release continues noting that comparing the rates of change for the period January – September 2022 against the corresponding period of the previous year, the most significant positive changes were observed in the economic activities of: manufacturing of textiles, wearing apparel and leather products (27.7%), manufacturing of furniture and repair/installation of machinery and equipment (21.8%) and water collection, treatment and supply (15.4%).

On the contrary, the most significant negative changes where a decrease in production was observed compared to the period January – September 2021 were those relating to the manufacturing of electronic and optical products and electrical equipment (38.9%) and manufacturing of wood and products of wood and cork, except furniture (7.6%).