An annual increase of 2.7% was recorded in the Industrial Production Index in May, while in the first five months of the year it showed an annual increase of 5.3%
According to the Statistical Service of Cyprus, in May 2024, the Industrial Production Index reached 113.1 units (base 2021=100), recording an increase of 2.7% compared to May 2023.
For the period January – May 2024, the index recorded an increase of 5.3% compared to the corresponding period of the previous year.
The manufacturing sector registered an increase of 2.4% compared to May 2023. An increase was also observed in the sectors of water supply and materials recovery (12.6%) and electricity supply (2.8%). A negative change was observed in mining and quarrying (4.6%).
In the manufacturing sector, the most significant positive changes compared to May 2023 were observed in the manufacturing of electronic and optical products and electrical equipment (13.6%), basic metals and fabricated metal products (6.6%) and machinery and equipment, motor v
ehicles and other transport equipment (6.5%). The most important negative changes were observed in the manufacturing of paper and paper products and printing (10.3%) and rubber and plastic products (6.5%).
Comparing the rates of change for the period January – May 2024 against the corresponding period of the previous year, the most significant positive changes were observed in water collection, treatment and supply (42.1%), the manufacturing of electronic and optical products and electrical equipment (16.7%), the manufacturing of basic metals and fabricated metal products (13.8%), mining and quarrying (13.7%), materials recovery (13.1%), the manufacturing of furniture and repair/installation of machinery and equipment (11.4%) and the manufacturing of machinery and equipment, motor vehicles and other transport equipment (10.8%).
It says that the only activities where negative changes in production were registered were those relating to the manufacturing of paper and paper products and printing (4.8%), the ma
nufacturing of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (1.6%) and electricity supply (0.3%).
Source: Cyprus News Agency