A decrease of 1.0% was recorded in the index of industrial production for the month of October 2022, after reaching 133.0 units (base 2015=100), marking a drop compared to October 2021.
According to an announcement by the Cyprus Statistical Service, during the period January – October 2022, the index showed an increase of 1.8% compared to the corresponding period of the previous year.
It is noted that in the manufacturing sector registered a decrease of 1.3% compared to October 2021. Increases were observed in the sectors of mining and quarrying (+9.9%) and electricity supply (+0.5%). The water supply and materials recovery sector recorded a decrease of 7.2% compared to October 2021.
It is added that in the manufacturing sector, the most significant positive changes compared to October 2021 were observed in the manufacturing of textiles, wearing apparel and leather products (+22.5%), refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (+6.6%) and the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+5.4%).
It is also reported that the most significant negative changes were observed in the manufacturing of electronic, optical products and electrical equipment (-53.1%) and the manufacturing of basic metals and fabricated metal products (-11.7%).
As the Statistical Service notes, the rates of change for the period January – October 2022 against the corresponding period of the previous year, the most significant positive changes were observed in the economic activities of: manufacturing of textiles, wearing apparel and leather products (+27.9%), manufacturing of furniture and repair/installation of machinery and equipment (+20.0%) and water collection, treatment and supply (+12.0%).
It is added that the significant negative changes where a decrease in production was observed compared to the period January – October 2021 were those relating to the manufacturing of electronic and optical products and electrical equipment (-43.3%), wood and products of wood and cork, except furniture (-6.2%) and the manufacturing of basic metals and fabricated metal products (-5.7%).
It is worth noting that the industrial production index is using 2015 as base year, meaning that it shows the monthly changes in production in relation with the monthly average production of the year 2015. In the base year, the average of the production indices for the twelve months is 100.0. For example, a monthly production index of 103.4 means that the production for the specific month has increased by 3.4% in relation to the monthly average production of 2015.
It is reported that the industrial production index reflects the monthly changes of the volume of production in the sectors of mining and quarrying, manufacturing, electricity supply, water supply and materials recovery.
Source: Cyprus News Agency