The industrial production in Cyprus increased by 2.4% in 2023 compared to 2022, according to data released on Wednesday by the Statistical Service of Cyprus.
In December 2023, the Industrial Production Index reached 136.1 units (base 2015=100), recording an increase of 2.3% compared to the same month in 2022. Overall, during the year 2023, the index showed a 2.4% increase compared to the previous year.
In the manufacturing sector, there was an increase of 0.8% compared to December 2022. Additionally, increases were noted in the sectors of water supply and material recovery (+27.7%), mining and quarrying (+5.3%), and electricity supply (+3.8%).
In the manufacturing sector, the most significant positive changes compared to December 2022 were in the production of electronic and optical products and electrical equipment (+25.9%), in the production of basic metals and manufacture of metal products (+13.7%), and in the manufacture of rubber and plastic products (+1.3%).
On the contrary, the most significant negative changes were observed in furniture manufacturing and repair/installation of machinery and equipment (-5.9%), production of textiles, clothing, and leather goods (-4.1%), and manufacture of other non-metallic mineral products (-4.0%).
Comparing the rate of change for the period January-December 2023 with the corresponding period of the previous year, the most significant increases are observed in the manufacture of electronic and optical products and electrical equipment (+28.2%), in the manufacture of machinery and equipment, motor vehicles, and other transport equipment (+11.5%), in the production of basic metals and manufacture of metal products (+10.9%), in the collection, processing, and supply of water (+9.3%), and in material recovery (+7.9%). The only activities showing decreases in production compared to 2022 were furniture manufacturing and repair/installation of machinery and equipment (-7.3%), electricity supply (-1.3%), and manufacture of rubber and plastic products (-0.1%).
