Industrial production increases by 7.5% in 2021

Industrial production increased by 7.5% in 2021 compared to 2020, according to the latest data published by the Statistical Service of Cyprus (CyStat).

In particular, according to CyStat in December 2021, the Industrial Production Index reached 137.0 units (base 2015=100), recording an increase of 4.7% compared to December 2020.

For the period January – December 2021, the index recorded an increase of 7.5% compared to the corresponding period of the previous year.

The manufacturing sector registered an increase of 2.9% compared to December 2020.

Increases were also observed in the sectors of water supply and materials recovery (27.6%), electricity supply (8.9%) and mining and quarrying (0.3%).
 
In the manufacturing sector, increases have been recorded in most economic activities compared to December 2020. The most significant ones were observed in the manufacturing of electronic, optical products and electrical equipment (40,2%), furniture, other manufacturing and repair / installation of machinery and equipment (35.3%), machinery and equipment, motor vehicles and other transport equipment (16.5%), paper, paper products and printing (8.1%) and textiles, wearing apparel and leather products (5.9%).

The only negative changes were observed in the economic activities of manufacturing of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (23,5%), other non-metallic mineral products (7,5%) and basic metals and fabricated metal products (1.7%).
 
Comparing the rates of change for the period January - December 2021 against the corresponding period of the previous year, increases are observed in most economic activities, with the most significant ones relating to the activities of: manufacturing of electronic, optical products and electrical equipment (56.8%), water collection, treatment and supply (26.6%), manufacturing of furniture, other manufacturing and repair / installation of machinery and equipment (20.8%), mining and quarrying (16.0%), materials recovery (12.5%), manufacturing of machinery and equipment, motor vehicles and other transport equipment (12.1%), manufacturing of rubber and plastic products (10.3%) and manufacturing of basic metals and fabricated metal products (10.3%).

The only economic activities where a decrease in production was observed compared to the period January - December 2020 were those relating to the production of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (10.2%), the manufacturing of textiles, wearing apparel and leather products (4.7%) and the manufacturing of wood, products of wood and cork, except furniture (0.3%).