Industrial Production Index shows increase of 2.5% in September

The Industrial Production Index reached in September 2023 142,9 units (base 2015=100), recording an increase of 2.5% compared to September 2022.

According to a press release by CySTAT, for the period January – September 2023, the index recorded an increase of 0.9% compared to the corresponding period of the previous year.

In the manufacturing sector, the most significant positive changes compared to September 2022 were observed in the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+14.2%), refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (+10.5%), basic metals and fabricated metal products (+10%), wood and products of wood and cork, except furniture (+7.6%) and electronic and optical products and electrical equipment (+6.4%).

The only activities where a decrease in production was observed were those of the manufacturing of rubber and plastic products (-4.1%) and the manufacturing of furniture and repair/installation of machinery and equipment (-0.5%)

Comparing the rates of change for the period January – September 2023 against the corresponding period of the previous year, the most significant positive changes were observed in the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+13.8%), the manufacturing of textiles, wearing apparel and leather products (+12.7%), the manufacturing of electronic and optical products and electrical equipment (+12.3%) and the manufacturing of basic metals and fabricated metal products (+12%).

The activities where the most significant negative changes in production were registered were those relating to the manufacturing of furniture and repair/installation of machinery and equipment (-9.3%) and electricity supply (-7.5%).

(Source: CNA)