Industrial production in Cyprus sees both monthly and annual increase

The seasonally adjusted industrial production in Cyprus increased by 3.1% in December 2024, compared to December 2023, while decreasing by 2.0% in the eurozone and by 1.7% in the EU during the same period, according to first estimates from Eurostat.

Compared to November 2024, seasonally adjusted industrial production decreased in December by 1.1% in the eurozone and by 0.8% in the EU.

In November 2024, compared to October, industrial production had dropped by 2.8% in Cyprus, while growing by 0.4% in the eurozone and by 0.2% in the EU.

The annual average industrial production for the year 2024, compared with 2023, decreased by 1.7% in the eurozone and by 2.0% in the EU.

By industrial grouping, and on a monthly basis, in December 2024 industrial production in the eurozone decreased by 1.9% for intermediate goods, increased by 0.5% for energy, decreased by 2.6% for capital goods, decreased by 0.7% for durable consumer goods, and increased by 5.1% for non-durable consumer goods.

In the EU, industrial production decreased by 1.8% for intermediate goods, increased by 0.6% for energy, decreased by 2.0% for capital goods, decreased by 1.0% for durable consumer goods, and increased by 5.2% for non-durable consumer goods.

The largest monthly decreases were recorded in Belgium (-6.8%), Portugal (-4.4%) and Austria (-3.3%). The highest increases were observed in Ireland (+8.2%), Luxembourg (+6.7%) and Croatia (+6.3%).

On an annual basis, industrial production in December decreased by 2.4% for intermediate goods, increased by 0.5% for energy, decreased by 8.1% for capital goods, decreased by 2.2% for durable consumer goods, and increased by 8.3% for non-durable consumer goods.

In the EU, industrial production decreased by 2.3% for intermediate goods, increased by 0.6% for energy, decreased by 7.5% for capital goods, decreased by 1.8% for durable consumer goods, and increased by 8.2% for non-durable consumer goods.

The largest annual decreases were recorded in Austria (-9.5%), Italy (-7.1%) and Hungary (-6.4%). The highest increases were observed in Malta (+14.4%), Ireland (+10.1%) and Lithuania (+7.6%).

(Source: CNA)