ndustrial output prices in Cyprus decreased by 0.6% in October 2024 compared to the same month in 2023, according to a statement from the Statistical Service. Over the January-October 2024 period, prices saw a larger drop of 2.0% compared to the corresponding period last year.
The Index of Industrial Output Prices for October 2024 stood at 123.8 units (with 2021 as the base year), reflecting a slight month-on-month rise of 0.3% compared to September 2024.
Sectoral Performance
Between September and October 2024, moderate growth was observed in manufacturing and water supply and materials recovery, with both sectors showing a 0.4% increase. However, declines were noted in mining and quarrying (-0.2%) and electricity supply (-0.1%).
When compared to October 2023, the water supply and materials recovery sector recorded a 1.0% rise, followed by manufacturing with 0.8% growth, and mining and quarrying, which increased by 0.6%. The electricity supply sector, however, faced a notable decline of 5.7% over the same period.
Manufacturing Breakdown
Examining manufacturing by specific activities, certain areas saw significant growth in October 2024 compared to the same month in the previous year. The manufacture of electronic and optical products, along with electrical equipment, recorded the highest increase at 6.5%. This was followed by a 5.4% rise in the manufacture of furniture, miscellaneous manufacturing, and repair and installation of machinery and equipment.
Other manufacturing activities with notable growth included textiles, wearing apparel, and leather products (3.8%), paper and paper products, and printing (2.4%), refined petroleum products, chemicals, and pharmaceuticals (2.0%), and machinery, motor vehicles, and transport equipment (1.9%). Food products, beverages, and tobacco products also grew by 0.6%.
On the downside, declines were seen in the manufacture of basic metals and fabricated metal products (-2.7%), rubber and plastic products (-0.9%), and non-metallic mineral products (-0.5%).
These mixed trends highlight the varying dynamics across different sectors of the industrial economy.
Source: Cyprus Mail