Cyprus sees 1.2 per cent rise in industrial production in August

Industrial production in Cyprus increased by 1.2 per cent in August 2024 compared to August 2023, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, the Industrial Production Index for August 2024 reached 90.5 points, based on 2021 as the reference year set at 100 points.

For the January–August period of 2024, the index showed a growth of 4.5 per cent compared to the same period in 2023.

In the manufacturing sector, a year-on-year increase of 1.0 per cent was recorded in August 2024.

Additional growth was observed in water supply and materials recovery (+6.0 per cent), mining and quarrying (+5.6 per cent), and electricity supply (+0.4 per cent).

Within manufacturing, the most significant positive changes compared to August 2023 were seen in the production of electronic and optical products, as well as electrical equipment, which rose by 21.2 per cent.

Moreover, machinery, motor vehicles, and other transport equipment manufacturing increased by 18.4 per cent, while basic metals and metal products rose by 7.6 per cent.

On the other hand, notable declines were observed in paper manufacturing and printing activities (-13.5 per cent) and in the production of textiles, clothing, and leather products (-4.1 per cent).

Compared to the January–August period in 2023, the most significant increases in 2024 were seen in water collection, treatment, and supply (+24.2 per cent) and electronic and optical product and electrical equipment manufacturing (+15.9 per cent).

Other notable growth areas included mining and quarrying (+13.0 per cent), materials recovery (+11.5 per cent), and machinery and motor vehicles production (+10.9 per cent).

In contrast, production declines were most pronounced in paper and printing (-8.2 per cent) and textiles, clothing, and leather products (-2.2 per cent) compared to the first eight months of 2023.