The CyStat statistical service has published the latest data regarding the evolution of the Industrial Production Index in Cyprus.
According to experts' estimates, this index reached 138.6 units in October 2023, an increase of 5.4% compared to the same month in 2022.
The manufacturing sector saw an increase of 4.6% compared to October 2022. Increases were also recorded in the sectors: water supply and material recovery (+24.7%), mining (+14.2%) and electricity (+3.6%).
In manufacturing, the most significant positive year-on-year changes occurred in the production of electronic and optical products and electrical equipment (+66.5%), refined petroleum products, chemical products and pharmaceutical products and preparations (+17.2%), textiles, clothing and leather goods (+12%), machinery and equipment (+10.9%) and paper and paper products (+10.5%).
The only activities that showed negative changes were production of other non-metallic mineral products (-6.7%), production of furniture and repair/assembly of machinery and equipment (-5.1%) and production of rubber and plastic products (-5.1%) -1.4%).
In turn, between January and October 2023, the Index increased by 2.1% compared to the corresponding period of the previous year.
During this time, 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 non-ferrous metals and metal products (+9.3%), in mining (+8.2%) and in 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. (-0,7%).