May 13, 2022

Industrial production up 3.4% in February 2022 | Stockwatch

The industrial production index reached 124.9 units (base 2015 = 100) in February 2022, registering an increase of 3.4% compared to February 2021. For the period January – February 2022, the index recorded an increase of 4.1% compared to the corresponding period of the previous year.

According to the Cyprus Statistical Service, the manufacturing sector recorded an increase of 0.8% compared to February 2021. Increases were also observed in the water supply and material recovery sectors (22.6 %) and electricity supply (12.6%). The mining and quarrying sector recorded a drop of 3.1% compared to February 2021.

In the manufacturing sector, the most significant positive changes compared to February 2021 were observed in the economic activities of: manufacture of textiles, clothing and leather products (40.2%), electronic products, optics and electrical equipment (6 .7%), rubber and plastic products (2.9%), food products, beverages and tobacco products (2.5%) and refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (2.4 %).

The only negative developments were observed in the manufacture of wood and articles of wood and cork, excluding furniture (10.6%), other non-metallic mineral products (4.4%) and base metals and articles of metal (1. 6%).

Comparing the rates of change for the period January – February 2022 with the corresponding period of the previous year, the most significant positive changes were observed in the economic activities of: collection, treatment and distribution of water (49 .4%), manufacture of textiles, manufacture of clothing and leather products (47.9%), manufacture of electronic and optical products and electrical equipment (20.3%), supply of electricity (16.8%) and furniture manufacturing and machinery and equipment repair/installation (8.2%).

According to official data, the most significant negative developments where a drop in production was observed compared to the period January – February 2021 were those relating to the production of non-metallic mineral products (13.2%), manufacturing of wood and articles of wood and cork, with the exception of furniture (12.1%), the recovery of materials (11.9%), mines and quarries (6.9%) and the manufacture of base metals and metal products (6.1%).