Industrial output prices down 2.5% in first seven months of 2024

15:33 - 30 August 2024

Economy

The Index of Industrial Output Prices in Cyprus for the seven-month period of January to July 2024 recorded a decrease of 2.5% compared to the same period in 2023. In July 2024, the index reached 124.2 units (base 2021=100), reflecting a marginal 0.3% decline compared to July 2023, despite a 0.9% increase from June 2024.

In a month-on-month comparison, the index remained stable in the mining and quarrying sector in July 2024, while other sectors increased. The electricity supply sector saw a notable increase of 3.7%, water supply and materials recovery rose by 0.3%, and manufacturing rose by 0.2%.

Year-on-year, the sectors of manufacturing and water supply and materials recovery showed no significant change, but the mining and quarrying sector recorded an increase of 1.0%. The electricity supply sector recorded a decline of 1.8%.

Within the manufacturing sector, specific divisions showed varied performance. Compared to July 2023, significant increases were observed in the manufacture of electronic and optical products and electrical equipment, which increased by 6.3%, and in the manufacture of furniture, other manufacturing, and repair and installation of machinery and equipment, which grew by 3.6%. The manufacture of refined petroleum products, chemicals, and pharmaceuticals also rose by 2.7%, while the manufacture of textiles, wearing apparel, and leather products increased by 1.4%.

In contrast, the manufacture of basic metals and fabricated metal products declined by 3.8%, the manufacture of paper products and printing fell by 2.6%, and the manufacture of rubber and plastic products dropped by 2.3%.

(Source: CNA)

Industrial output prices down 2.5% in first seven months of 2024

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