The Industrial Production Index recorded an annual increase in August by 1.2%, the Statistical Service of Cyprus announced on Wednesday.

According to a relevant announcement, in August 2024, the Industrial Production Index reached 90.5 units (base 2021=100), recording an increase of 1.2% compared to August 2023. For the period January – August 2024, the index recorded an increase of 4.5% compared to the corresponding period of the previous year.

The manufacturing sector registered an increase of 1% compared to August 2023. An increase was also observed in the sectors of water supply and materials recovery (+6%), mining and quarrying (+5.6%), and electricity supply (+0.4%).

In the manufacturing sector, the most significant positive changes compared to August 2023 were observed in the manufacturing of electronic and optical products and electrical equipment (+21.2%), machinery and equipment, motor vehicles and other transport equipment (+18.4%) and basic metals and fabricated metal products (+7.6%).

The most important negative changes were observed in the manufacturing of paper and paper products and printing (-13.5%) and textiles, wearing apparel and leather products (-4.1%).

Comparing the rates of change for the period January – August 2024 against the corresponding period of the previous year, the most significant positive changes were observed in water collection, treatment and supply (+24.2%), the manufacturing of electronic and optical products and electrical equipment (+15.9%), mining and quarrying (+13%), materials recovery (+11.5%) and the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+10.9%).

The most important activities where negative changes in production were registered, were those relating to the manufacturing of paper and paper products and printing (-8.2%) and the manufacturing of textiles, wearing apparel and leather products (-2.2%).