In May 2022, the Industrial Production Index reached 136.2 units (base 2015=100), recording an increase of 5.3% compared to May 2021, according to data published by the Cyprus Statistical Service, on Thursday.

In particular, according to the official data the manufacturing sector registered an increase of 6.3% compared to May 2021. Increases were also observed in the sectors of mining and quarrying by 13.9% and water supply and materials recovery by 12.8%. The electricity supply sector recorded a decrease of 1.4% compared to May 2021.

In the manufacturing sector, the most significant positive changes compared to May 2021 were observed in the manufacturing of textiles, wearing apparel and leather products, that recorded an increase of 47%, furniture and repair/installation of machinery and equipment with a 26.7% rise, rubber and plastic products with 9.2%, refined petroleum products, chemicals and chemical products and pharmaceuticals products and preparation increased by 9% and food products, beverages and tobacco products by 8.3%.

The most significant negative changes were observed in the manufacturing of electronic, optical products and electrical equipment, which decreased by 23.5% and non-metallic mineral products by 1.9%.

For the period January – May 2022, the index recorded an increase of 4.5% compared to 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 by 56.7%, water collection, treatment and supply by 36.4%, manufacturing of furniture and repair/installation of machinery and equipment by 17.1% and electricity supply by 12.9%.

The most significant negative changes where a decrease in production was observed compared to the period January – May 2021 were those relating to the manufacturing of electronic and optical products and electrical equipment, which dropped 17.8%, materials recovery by 9.4%, the manufacturing of paper, paper products and printing decreased by 8% and the manufacturing of wood and products of wood and cork, except furniture by 7.4%.