The CyStat statistical service has published new data regarding the evolution of the Industrial Production Index in Cyprus.
According to experts' estimates, this index reached 138.5 units in November 2023, an increase of 4.8% compared to the same month in 2022.
The manufacturing sector saw an increase of 3.2% compared to November 2022. Increases were also recorded in the sectors: water supply and material recovery (+30.6%), electricity supply (+7.8%), mining (+7.8%), and mines and quarries (+30.6%).
In the manufacturing industry, the most significant positive year-on-year changes occurred in the production of electronic, optical products and electrical equipment (+29.3%), the production of metal products (+14.8%), the production of machinery and equipment (+10.9%), and the production of textiles, clothing and leather goods (+11.3%).
The only activities with negative changes were furniture production and repair/assembly of machinery and equipment (-10.6%), production of refined petroleum, chemical, and pharmaceutical products (-1.5%), production of paper and paper products and printing (-0.3%).
In turn, from January to November 2023, the Index increased by 2.5% compared to the corresponding period of the previous year.
During this period, the most significant growth occurred in the production of electronic and optical products and electrical equipment (+28.1%), in the production of machinery and equipment (+12.2%), in the production of textiles, clothing, and leather goods (+9.9%), in colored metals and metal products (+9.3%), in mining (+8.2%) and mining (+7.4%).
In contrast, declines compared to the previous ten months were recorded in furniture manufacturing and repair/assembly of machinery and equipment (-8.2%), electricity supply (-2.2%), and rubber and plastic products manufacturing. (-0,7%).