Industrial production index records annual increase

Industrial Production Index showed an annual increase in July as well as in the period between January - July 2023. 

According to CySTAT, in July 2023, the Industrial Production Index reached 155.6 units (base 2015=100), recording an increase of 1.6% compared to July 2022. For the period January – July 2023, the index recorded an increase of 0.4% compared to the corresponding period of the previous year.

The manufacturing sector registered an increase of 1.4% compared to July 2022. An increase was also observed in the sectors of mining and quarrying (+8.8%), water supply and materials recovery (+8.8%) and electricity supply (+0.4%)

In the manufacturing sector, the most significant positive changes compared to July 2022 were observed in the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+26.3%), electronic and optical products and electrical equipment (+22.2%), basic metals and fabricated metal products (+17.3%) and textiles, wearing apparel and leather products (+13.4%).

Negative changes were observed in the manufacturing of furniture and repair/installation of machinery and equipment (-13.5%), refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (-3.6%), paper and paper products and printing (-3.1%) and the manufacturing of other nonmetallic mineral products (-3.1%

Comparing the rates of change for the period January – July 2023 against the corresponding period of the previous year, the most significant positive changes were observed in the manufacturing of textiles, wearing apparel and leather products (+14.6%), the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+13.7%), the manufacturing of basic metals and fabricated metal products (+12.7%), the manufacturing of electronic and optical products and electrical equipment (+12.5%) and in materials recovery (+11.7%).

The most significant negative changes where a decrease in production was observed compared to the period January – July 2022 were those relating to the manufacturing of furniture and repair/installation of machinery and equipment (-11.6%) and electricity supply (-10.3%).

(Source: CNA)