Industrial Production Index up 5.4% in October

Cyprus' Industrial Production Index rose by 5.4% in October compared to the same month a year ago, reaching 138.6 units (base 2015=100), according to Cystat.

The manufacturing sector registered an increase of 4.6% compared to October 2022. An increase was also observed in the sectors of water supply and materials recovery (24.7%), mining and quarrying (14.2%) and electricity supply (3.6%).

In the manufacturing sector, the most significant positive changes compared to October 2022 were observed in the manufacturing of electronic and optical products and electrical equipment (up 66.5%), refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (17.2%), textiles, wearing apparel and leather products (12%), machinery and equipment, motor vehicles and other transport equipment (10.9%) and paper and paper products and printing (10.5%).

The only activities where a decrease in production was observed were those of the manufacturing of other non-metallic mineral products (down 6.7%), the manufacturing of furniture and repair/installation of machinery and equipment (-5.1%) and the manufacturing of rubber and plastic products (-1.4%).

For the period January – October 2023, the index recorded an increase of 2.1% compared to the corresponding period of the previous year.

Comparing the rates of change for the period January – October 2023 against the corresponding period of the previous year, the most significant positive changes were observed in the manufacturing of electronic and optical products and electrical equipment (up 28.1%), machinery and equipment, motor vehicles and other transport equipment (12.2%), the manufacturing of textiles, wearing apparel and leather products (9.9%), the manufacturing of basic metals and fabricated metal products (9.3%), materials recovery (8.2%) and mining and quarrying (7.4%).

The only activities where a negative change in production was registered were those relating to the manufacturing of furniture and repair/installation of machinery and equipment (down 8.2%), electricity supply (-2.2%) and the manufacturing of rubber and plastic products (-0.7%).