Industrial Output prices record annual drop for ninth consecutive month in March

Cyprus Industrial Output prices marked its ninth consecutive month of annual reduction in March, with the Index of Industrial Output Prices for March 2024 marking a decline of 3.9% year on year.

According to data released by the Statistical Service of Cyprus (Cystat) the Index in March amounted to 121.5 units (base 2021=100). Compared with February 2024 the Index recorded a decrease of 0.7%.

In March 2024 compared to February 2024, the index remained stable in the sector of mining and quarrying, while a decrease was registered in the sectors of electricity supply with 3.3%, water supply and materials recovery with 0.8% and manufacturing with 0.1%.

Compared to the corresponding month of the previous year, an increase was recorded in the sectors of mining and quarrying (1.2%) whereas a decrease was recorded in the sectors of electricity supply by 15.2%, water supply and materials recovery by 8.5% and manufacturing 0.4%.

By division of economic activity in manufacturing annual increases were recorded in the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment with 3.4%, the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations with 2.6%), the manufacture of electronic and optical products and electrical equipment with 2.3%, the manufacture of textiles, wearing apparel and leather products with 1.3% and the manufacture of food products and beverages with 0.7%).

Manufacturing of basic metals and fabricated metal products recorded a steep drop of 7.9%, followed by the manufacture of paper and paper products and printing with 2.8%) and the manufacture of rubber and plastic products with 2.5%, Cystat added.