This is the fourth consecutive month of growth
The Index of Industrial Production continues to move upwards, which increased in August 2023 by 3% to 121.8 units (base 2015=100), compared to August 2022, as announced by Statistics Cyprus Service on Monday.
This is the fourth consecutive month in which there has been an increase in the Index, while from the beginning of the year to August, the index increased by 0.7%, compared to the corresponding period of the previous year.
According to the figures of the Statistical Service, in terms of manufacturing, an increase of 2.3% was observed compared to August 2022. In addition, the sectors of mines and quarries (+5.7%), electricity supply electricity (+4.6%) and water supply and material recovery (+4.5%) also recorded increases.
In the manufacturing sector, the most significant positive changes compared to August 2022 were presented in the following economic activities: manufacture of electronic and optical products and electrical equipment (+20.7%), manufacture of machinery and equipment, motor vehicles and other transport equipment ( +17.7%), wood industry and manufacture of wood and cork products, except furniture (+15.9%), manufacture of textiles, clothing and leather goods (+13.7%), manufacture of basic metals and manufacture metal products (+11.4%) and food, beverage and tobacco industry (+2.4%).
Negative changes were observed in the activities of furniture manufacturing and repair/installation of machinery and equipment (-6, 8%) and manufacture of paper and paper products and printing (-4.3%).
Comparing the rates of change for the period January – August 2023 with the corresponding period of the previous year, the most significant increases are observed in the production of textiles, clothing and leather goods (+14.6%), in the manufacture of machinery and equipment, motor vehicles and other transport equipment (+14.2%), in the manufacture of electronic and optical products and electrical equipment (+13.1%) and in the production of base metals and manufacture of metal products (+12.3%).
< p>The only activities showing reductions in production compared to the period January – August 2022 were those of furniture manufacturing and repair/installation of machinery and equipment (-11.1%) and electricity supply (-8.0%) .
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