Industrial Production Index up by 3% in 2024

The Industrial Production Index recorded an increase of 3% for the period January – December 2024, compared to the corresponding period of the previous year, according to data published by CySTAT.

Comparing the rates of change for the period January – December 2024 against the corresponding period of the previous year, the most significant positive changes were observed in water collection, treatment and supply (23%), the manufacturing of electronic and optical products and electrical equipment (12.9%), the manufacturing of machinery and equipment, motor vehicles and other transport equipment (10.4%), materials recovery (8%) and mining and quarrying (7.5%).

The most important activities where negative changes in production were registered were those relating to the manufacturing of paper and paper products and printing (-12.1%), the manufacturing of textiles, wearing apparel and leather products (-6%) and the manufacturing of other non-metallic mineral products (-4.8%).

In December 2024, the Industrial Production Index reached 109.5 units (base 2021=100), recording an increase of 3.3% compared to December 2023. 

The manufacturing sector registered an increase of 0.8% compared to December 2023. An increase was also observed in the sectors of electricity supply (15.8%), water supply and materials recovery (15%) and mining and quarrying (2%).

In the manufacturing sector, the most significant positive changes compared to December 2023 were observed in the manufacturing of electronic and optical products and electrical equipment (16.8%) and machinery and equipment, motor vehicles and other transport equipment (12.3%).

The most important negative changes were observed in the manufacturing of textiles, wearing apparel and leather products (-15.8%), paper and paper products and printing (-15.8%) and furniture and repair/installation of machinery and equipment (-7.4%).

(Source: CNA)