Economy category powered by

Industrial Production Index records annual increase by 1.2% in August

The Industrial Production Index recorded an annual increase in August by 1.2%, CySTAT has announced.

According to a relevant announcement, in August 2024, the Industrial Production Index reached 90.5 units (base 2021=100), recording an increase of 1.2% compared to August 2023. For the period January – August 2024, the index recorded an increase of 4.5% compared to the corresponding period of the previous year.

The manufacturing sector registered an increase of 1% compared to August 2023. An increase was also observed in the sectors of water supply and materials recovery (+6%), mining and quarrying (+5.6%), and electricity supply (+0.4%).

In the manufacturing sector, the most significant positive changes compared to August 2023 were observed in the manufacturing of electronic and optical products and electrical equipment (+21.2%), machinery and equipment, motor vehicles and other transport equipment (+18.4%) and basic metals and fabricated metal products (+7.6%).

The most important negative changes were observed in the manufacturing of paper and paper products and printing (-13.5%) and textiles, wearing apparel and leather products (-4.1%).

Comparing the rates of change for the period January – August 2024 against the corresponding period of the previous year, the most significant positive changes were observed in water collection, treatment and supply (+24.2%), the manufacturing of electronic and optical products and electrical equipment (+15.9%), mining and quarrying (+13%), materials recovery (+11.5%) and the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+10.9%).

The most important activities where negative changes in production were registered, were those relating to the manufacturing of paper and paper products and printing (-8.2%) and the manufacturing of textiles, wearing apparel and leather products (-2.2%).

(Source: CNA)

Read More

Cyprus calls for flexible EU support measures for farmers after 3-year severe drought
Cyprus backs Commission strategy for EU–US trade agreement
Energy Minister: It will take time before Pegasus' natural gas reaches market
George Papanastasiou: EU Green Deal involves significant costs that could affect member states' competitiveness
Agriculture Minister to participate in EU Agriculture and Fisheries Council
Average total government employment up in first six months
Makis Kervanos: Sanctions Unit will strengthen financial system protection
Trade deficit up 2.3% in first five months of 2025
Step-by-step: The Foreign Direct Investment screening procedure
Chief Scientist strengthens Cyprus’ innovation standing as regional gateway to Europe during UAE visit