According to the Cyprus Statistical Service, in January 2024, the Industrial Turnover Index reached 121.1 units (2015 base = 100), an increase of 2.6% compared to last January.
Separate data is provided by the Service regarding the production of industrial materials: the index for January 2024 reached 191.1 units, increasing by 14.1% in annual terms.
The mining and quarrying (+17.7%) and water supply and material utilization (+19.5%) sectors also showed growth compared to January 2023. A decrease was observed in the electricity supply sector (-15.8%).
It should be noted that in the manufacturing sector in January 2024 compared to the corresponding month of 2023, growth was also recorded in almost all types of economic activities.
The index in the woodworking industry increased by 21.1%, in the production of basic metals and metal products - by 19.1%, in the production of rubber and plastic products - by 3.7%, in the production of furniture, repair of machinery and equipment - by 2.3%, as well as in the production of electronic and optical products and electrical equipment - by 2%.
According to the Statistical Service, the only activity that showed a decrease was the production of refined petroleum and chemical products and pharmaceuticals (-0.2%).
In turn, in the manufacturing sector, the index reached 116.6 points in January 2024, increasing by 7.3% compared to January 2023.
Recall that earlier in Cyprus, the Producer Price Index in construction also rose significantly.
The Producer Price Index covers all stages of production: raw materials, intermediate stages, finished goods, and all sectors. Thus, the main difference between it and the consumer price index is that it covers only goods and not services, and at the wholesale level of their realization.
A rise in the producer price index may be a harbinger of another rise in real estate prices.