Industrial production down by 7.8% in 2020

Industrial Production Index recorded a decrease of 7.8% in 2020 compared to 2019, according to data released by the Statistical Service of Cyprus on Thursday.

Comparing the rates of change for the period January – December 2020 against the corresponding period of the previous year, decreases are observed in most economic activities, with the most significant ones relating to: manufacture of furniture and repair/installation of machinery and equipment (-25.3%), manufacture of paper and paper products and printing (-25.3%), water collection, treatment and supply (-24.6%), manufacture of textiles, wearing apparel and leather products (-20.8%) and manufacture of electronic and optical products and electrical equipment (-20.8%). The only economic activities where an increase in production has been observed compared to the period January – December 2019 were those of manufacturing of chemicals, pharmaceutical products and preparations (+11.2%) and of rubber and plastic products (+1.7%).

In December 2020, the Industrial Production Index reached 125,3 units (base 2015=100), recording a decrease of 0.9% compared to December 2019.

The sector of manufacturing registered a decrease of 1.0% compared to December 2019 and a decrease of 7.7% compared to the period January – December 2019. Comparing December 2020 with the corresponding month of the previous year, a decline was also observed in the sector of electricity supply (-2.8%). The mining and quarrying sector recorded an increase of 18.5% and the sector of water supply and materials recovery an increase of 1,6% compared to December 2019.

In the manufacturing sector, decreases have been recorded in most economic activities compared to December 2019. The most significant negative changes were observed in the manufacturing of electronic and optical products and electrical equipment (-25.5%), paper products and printing (-16.4%), furniture and repair/installation of machinery and equipment (-15.2%) and wood and manufacturing of wood products (-7.2%). The most significant positive changes were observed in the manufacturing of other non-metallic mineral products (+16.2%), machinery and equipment (+14.3%), pharmaceutical products and preparations (+9,9%) and rubber and plastic products (+5.4%).