Cyprus' industrial output soars with 4.2% surge

Cyprus’ Industrial Production Index surged to 99.5 units (base year 2021=100), marking an annual increase of 4.2% compared to the same period in 2023, according to data released on Thursday by the Statistical Service of Cyprus.

The manufacturing sector recorded a 3.2% uptick compared to January 2023. Notable increases were also evident in other key sectors. The water supply and materials recovery sector saw a substantial rise of 33.8%, while mining and quarrying activities increased by 14.8%. Additionally, there was a marginal increase of 0.4% in electricity supply.

Within the manufacturing sector, the most significant positive changes compared to January 2023 were observed in the production of basic metals and fabricated metal products that surged by 24.0%. Similarly, electronic and optical products, along with electrical equipment manufacturing, witnessed a notable rise of 13.2%.

Moreover, the textile, apparel, and leather goods sector grew 9.9%, and the manufacturing of rubber and plastic products also saw a significant uptick of 9.2%.

Contrary, the manufacturing of other non-metallic mineral products registered a decline of 12.8%, while there was a 4.5% decrease in the manufacturing of refined petroleum products, chemicals, and pharmaceuticals.