In March 2022, the Industrial Production Index reached 135.7 units (base 2015=100), recording an increase of 6.9% compared to March 2021, according to data published by the Statistical Service of Cyprus on Monday.
The manufacturing sector registered an increase of 2.2% compared to March 2021. A 27.5% increase was observed in the sector of electricity supply, while water supply and materials recovery increased by 19.5%. The mining and quarrying sector recorded a decrease of 7.8% compared to March 2021.
In the manufacturing sector, the most significant positive changes compared to March 2021 were observed in the manufacturing of textiles, wearing apparel and leather products, with a 44.3% increase. Furniture and repair/installation of machinery and equipment increased by 17.8%, refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations by 10.2%, machinery and equipment, motor vehicles and other transport equipment by 6.1% and electronic, optical products and electrical equipment by 2.5%.
The most significant negative changes were observed in the manufacturing of paper, paper products and printing, by 16.6%, wood and products of wood and cork, except furniture by 12.7% and basic metals and fabricated metal products, that increased by 4,5%.
For the period January – March 2022, the index recorded an increase of 5.2% compared to the corresponding period of the previous year.
Comparing the rates of change for the period January – March 2022 against the same period of 2021, the most significant positive changes were observed in the economic activities of manufacturing of textiles, wearing apparel and leather products, recording an increase of 58%, water collection, treatment and supply increased by 46.4%, electricity supply by 20.1%, manufacturing of electronic and optical products and electrical equipment by 13.4%, manufacturing of furniture and repair/installation of machinery and equipment by 12.3%, manufacturing of machinery and equipment, motor vehicles and other transport equipment by 5.7% and manufacturing of refined petroleumproducts, chemicals and chemical products and pharmaceutical products and preparations increased by 4.9%.
The most significant negative changes where a decrease in production was observed compared to the period January – March 2021 were those relating to materials recovery, with a decrease of 14.4%, the manufacturing of wood and products of wood and cork, except furniture by 12.9%, the manufacturing of paper, paper products and printing by 10.1%, the manufacturing of non-metallic mineral products by 9.6% and mining and quarrying by 7.2%.
Source: Cyprus News Agency