Insider Economy Cyprus Industrial Turnover declines by 20% in May 2020

Cyprus Industrial Turnover declines by 20% in May 2020

Cyprus’ Industrial Turnover Index fell by almost 20% in May 2020 compared to May 2019. It was affected by measures to curb the spread of the coronavirus pandemic.

According to data released on Thursday by Cystat, the index marked a steady improvement as containment measures were gradually lifted.

In May the index declined to 118.9 units compared to 147.8 units in May of last year marking a decline of 19.7%.

However, the annual reduction in the previous month where containment measures were fully in place amounted to 30%.

The manufacturing sector marked a decline of 19.6% in May compared to May 2019 and compared to an annual reduction of 32.6% in April.

(CNA)

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