Industrial production in Cyprus up 2.4% in 2023

Industrial production in Cyprus increased by 2.4% in 2023 compared to 2022, according to data released by Cystat.

The Industrial Production Index reached 136.1 units (base year 2015=100) in December 2023, marking a 2.3% increase compared to the same month in 2022. Overall, during the year 2023, the index showed a 2.4% increase compared to the previous year.

In the manufacturing sector, there was an increase of 0.8% compared to December 2022. Additionally, increases were recorded in the sectors of water supply and material recovery (+27.7%), mining and quarrying (+5.3%), and electricity supply (+3.8%).

In the manufacturing sector, significant positive changes compared to December 2022 were observed in the production of electronic and optical products and electrical equipment (+25.9%), production of basic metals and manufacturing of metal products (+13.7%), and production of products from rubber and plastic materials (+1.3%). Conversely, significant negative changes were observed in the activities of furniture manufacturing and repair/installation of machinery and equipment (-5.9%), production of textiles, clothing, and leather goods (-4.1%), and manufacturing of other non-metallic mineral products (-4.0%).

Comparing the rates of change for the period of January to December 2023 with the corresponding period of the previous year, the most significant increases were in the production of electronic and optical products and electrical equipment (+28.2%), manufacturing of machinery and equipment, motor vehicles, and other transport equipment (+11.5%), production of basic metals and manufacturing of metal products (+10.9%), water collection, processing, and supply (+9.3%), and material recovery (+7.9%). The only activities showing decreases in production compared to 2022 were furniture manufacturing and repair/installation of machinery and equipment (-7.3%), electricity supply (-1.3%), and production of products from rubber and plastic materials (-0.1%).