NICOSIA: The industrial production index from January to October 2024 saw a 3.8% increase compared to the same period in the previous year, as reported by the Statistical Service on Monday. This growth reflects a broad range of sectoral developments, notably in areas such as water collection, treatment, and supply, as well as the manufacturing of high-tech products and equipment.
According to Cyprus News Agency, the most significant positive changes were recorded in water collection, treatment, and supply with a surge of 22.9%. This was followed by the manufacturing of electronic and optical products and electrical equipment, which rose by 12.8%. Mining and quarrying activities increased by 12%, while the manufacturing of machinery and equipment, motor vehicles, and other transport equipment saw an 11% rise. Materials recovery also experienced notable growth, with a 9.2% increase.
Conversely, certain sectors experienced declines in production. The manufacturing of paper and paper products, along with printing, fell by 11%. The textiles, wearing apparel, and leather products sector also saw a reduction, decreasing by 4.1%.
In October 2024 alone, the index reached 112.5 units (base 2021=100), marking a 2% increase compared to October 2023. Manufacturing within this period registered a 1.8% increase. The mining and quarrying sector observed a 5.9% rise, whereas water supply and materials recovery increased by 5.7%, and electricity supply went up by 1.1%.
In the detailed performance of the manufacturing sector for October 2024 compared to October 2023, rubber and plastic products led the positive changes with a 12.5% increase. This was followed by the manufacturing of machinery and equipment, motor vehicles, and other transport equipment, which grew by 9.1%. Other non-metallic mineral products and food products, beverages, and tobacco products rose by 7.7% and 6.3%, respectively.
However, the manufacturing of paper and paper products and printing faced significant declines, dropping by 17.9%. Similarly, textiles, wearing apparel, and leather products fell by 11.5%, highlighting the challenges faced by these specific sectors.