Industrial production in Cyprus marks annual reduction for second month in a row in August

Industrial Production in Cyprus marked an annual reduction for a second consecutive month in August, driven by a decline in the electricity supply sector.


According to data released by the Statistical Service of Cyprus (Cystat), the Industrial Production Index reached 118.8 units in August (base 2015=100), recording a decrease of 1.7% compared to August 2021.


For the period January – August 2022, the index recorded an increase of 2.7% compared to the corresponding period of the previous year.


As far as the index components is concerned, the manufacturing sector rose by 3.0% year on year, while annual gains were also recorded in the sectors of mining and quarrying with 15.6% and water supply and materials recovery with 3.6%.


The electricity supply sector recorded a decrease of 12.5% compared to August 2021, Cystat added.


Source: Cyprus News Agency