Industrial production in Cyprus recorded an 8.2 per cent increase year-on-year during April 2024, according to a report released this week by the Cyprus Statistical Service (Cystat).
The Industrial Production Index for April 2024 reached 106.8 points, with 2021 acting as the base year set at 100 points, reflecting an 8.2 per cent rise compared to April 2023.
From January to April 2024, the index showed a 5.9 per cent increase compared to the same period the previous year.
The manufacturing sector saw a 7.3 per cent increase compared to April 2023. Other sectors also reported growth, including mining and quarrying (36.9 per cent), water supply and materials recovery (31.2 per cent), and electricity supply (2.1 per cent).
Within manufacturing, several activities showed significant positive changes compared to April 2023. The manufacture of electronic and optical products and electrical equipment saw a substantial increase of 21.3 per cent.
Similarly, the manufacture of machinery and equipment, including motor vehicles and other transport equipment, rose by 19.1 per cent.
There was a 16.6 per cent growth in the production of basic metals and fabricated metal products. The sector for manufacturing furniture and the repair and installation of machinery and equipment experienced a 13.3 per cent rise.
Additionally, the manufacture of rubber and plastic products increased by 8.0 per cent, while the wood industry and the manufacture of wood and cork products, excluding furniture, saw an increase of 7.8 per cent.
Comparing the growth rates from January to April 2024 with the same period the previous year, several sectors exhibited notable increases.
Water collection, treatment, and supply experienced the highest growth at 47.6 per cent. Mining and quarrying followed with a 19.1 per cent rise.
The manufacture of electronic and optical products and electrical equipment saw a 17.7 per cent increase. Materials recovery grew by 16.7 per cent, while the production of basic metals and fabricated metal products rose by 15.8 per cent.
Moreover, the manufacture of machinery and equipment, including motor vehicles and other transport equipment, recorded an 11.9 per cent increase.
Additionally, the manufacture of furniture and the repair and installation of machinery and equipment saw an 11.6 per cent rise.
The only activities that saw decreases in production compared to the January-April 2023 period were the manufacture of paper and paper products and printing (3.1 per cent), production of refined petroleum products, chemicals and chemical products, and pharmaceutical products and preparations (1.9 per cent), and electricity supply (0.9 per cent).
