06/02/2004 08:27
According to CYSTAT data released on Friday, the Industrial Production Index for November 2003 dropped 0.8% to 102.3 points, while for January-November 2003, the Index stood at 104.3 points.
For the same period, the Production Index for Mines and Quarries reached 145.7 points (November 2003: 169.2) and for Manufacturing 92.5 (November 2003: 95), whereas the Electric Supply, Natural Gas and Water Index stood at 166.2 points (November 2003: 134.5).
As regards to manufacturing for January-November 2003, the Construction of Transport Equipment amounted to 152.2 points (November 2003: 179.7), the Production of Base Metal and the Construction of Metal Products reached 129.6 points (November 2003: 158.7) and the Construction of Rubber Products and Plastic Material stood at 124.9 points (November 2003: 128.7).
On the other hand, Leather and Leather Goods Industry reached 26.4 points for January-November 2003 (November 2003: 23.7), followed by the Textile Manufacturing with 27 points (November 2003: 29.3) and other Manufacturing Industries with 66.5 points (November 2003: 78.9).
OEB General Manager, Michalis Pilikos said that the slump in industrial production is mostly attributable to the rapid increase in the cost of production in relation to the increase in productivity. “This is constantly reducing the competitiveness of the Cyprus products not only in the Cyprus market but also in the markets abroad”, Mr. Pilikos concluded.
For the same period, the Production Index for Mines and Quarries reached 145.7 points (November 2003: 169.2) and for Manufacturing 92.5 (November 2003: 95), whereas the Electric Supply, Natural Gas and Water Index stood at 166.2 points (November 2003: 134.5).
As regards to manufacturing for January-November 2003, the Construction of Transport Equipment amounted to 152.2 points (November 2003: 179.7), the Production of Base Metal and the Construction of Metal Products reached 129.6 points (November 2003: 158.7) and the Construction of Rubber Products and Plastic Material stood at 124.9 points (November 2003: 128.7).
On the other hand, Leather and Leather Goods Industry reached 26.4 points for January-November 2003 (November 2003: 23.7), followed by the Textile Manufacturing with 27 points (November 2003: 29.3) and other Manufacturing Industries with 66.5 points (November 2003: 78.9).
OEB General Manager, Michalis Pilikos said that the slump in industrial production is mostly attributable to the rapid increase in the cost of production in relation to the increase in productivity. “This is constantly reducing the competitiveness of the Cyprus products not only in the Cyprus market but also in the markets abroad”, Mr. Pilikos concluded.
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