Nicosia: The Industrial Production Index in Cyprus marked a 4.1% increase during the period from January to September 2024, compared to the same period in 2023, as reported by the Cyprus Statistical Service on Thursday.
According to Cyprus News Agency, the data reveals that the most substantial positive changes were noted in the sectors of water collection, treatment, and supply, which surged by 22.1%. Other notable increases were observed in the manufacturing of electronic and optical products and electrical equipment, which rose by 15.3%, mining and quarrying at 12.9%, manufacturing of machinery and equipment, motor vehicles, and other transport equipment at 11.5%, and materials recovery at 10.6%.
Meanwhile, negative changes were recorded in certain sectors. The manufacturing of paper and paper products and printing saw a decline of 8.8%, while the manufacturing of textiles, wearing apparel, and leather products dropped by 2.2%.
In September 2024, the Industrial Production Index reached 114.9 units base
d on the 2021 index of 100, reflecting a 2.3% increase compared to September 2023. The manufacturing sector itself registered a 2.3% rise in comparison to the previous September, with mining and quarrying also showing an increase of 11.8%, and water supply and materials recovery rising by 7.2%. However, a decline of 1.8% was noted in electricity supply.
Within the manufacturing sector, the most significant growth for September 2024 compared to the same month in the previous year was in the manufacturing of machinery and equipment, motor vehicles, and other transport equipment, which increased by 16.4%. The manufacturing of electronic and optical products and electrical equipment grew by 11.2%, while basic metals and fabricated metal products increased by 10.8%. Conversely, declines were observed in the manufacturing of paper and paper products and printing, which fell by 13.6%, other non-metallic mineral products by 3.4%, and furniture and repair or installation of machinery and equipment by 3%.