Industrial Production Index up 3% in May 2023, year on year

In May 2023, the Industrial Production Index reached 141.6 units (base 2015=100), recording an increase of 3% compared to May 2022, according to data published by CySTAT.

The manufacturing sector registered an increase of 4.7% compared to May 2022. An increase was also observed in the sectors of water supply and materials recovery, that went up 12.2% and mining and quarrying, which recorded an increase of 4.8%. A negative change was observed in the electricity supply sector, down by 8.2%.

In the manufacturing sector, the most significant positive changes compared to May 2022 were observed in the manufacturing of basic metals and fabricated metal products, up by 19.5%, textiles, wearing apparel and leather products, with an increase of 17.5% and machinery and equipment, motor vehicles and other transport equipment, that went up 11.7%.

Negative changes were observed in the manufacturing of furniture and repair/installation of machinery and equipment, down 7.7% and the manufacturing of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations, that dropped 1.4%.

For the period January – May 2023, the index recorded an increase of 0.7% compared to the corresponding period of the previous year.

Comparing the rates of change for the period January – May 2023 against the corresponding period of the previous year, the most significant positive changes were observed in materials recovery, with an increase of 17.9%, the manufacturing of textiles, wearing apparel and leather products, up by 17.8%, basic metals and fabricated metal products, that increased 10.9%, mining and quarrying, up 8.1% and the manufacturing of other non-metallic mineral products, by 7.6%. The most significant negative changes where a decrease in production was observed compared to the period January – May 2022 were those relating to electricity supply, down 11.5%, the manufacturing of furniture and repair/installation of machinery and equipment, with a drop of 6.8% and water collection, treatment and supply, which decreased by 6.5%.

(Source: CNA)