Press Releases

Annual Change -3,1%

The Index of Industrial Output Prices for August 2023 reached 137,6 units (base 2015=100), recording an increase of 0,1% compared to July 2023. Compared to the corresponding month of the previous year, the index recorded a decrease of 3,1%. For the period January-August 2023, the index showed an increase of 7,6% compared to the corresponding period of 2022.

In August 2023, compared to July 2023, the index remained stable in the sectors of mining and quarrying and electricity supply, while it showed a rise in the sector of manufacturing by 0,2%.  In the sector of water supply and materials recovery the index recorded a decrease of 0,3%.

Compared to the corresponding month of the previous year, an increase was recorded in the sectors of mining and quarrying (6,7%) and manufacturing (3,9%) and a decrease in the sectors of electricity supply by 17,0% and water supply and materials recovery by 9,2%.

By division of economic activity in manufacturing, in August 2023 compared to the corresponding month of the previous year, increases were recorded in the manufacture of other non-metallic mineral products (8,8%), the manufacture of food products and beverages (6,2%), the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (5,5%), the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (4,3%), the manufacture of electronic and optical products and electrical equipment (2,6%) and the manufacture of paper and paper products and printing (2,3%), while a decrease was recorded in the manufacture of basic metals and fabricated metal products (-5,8%).

Table 1

Note: Data for July and August 2023 in the sectors of Electricity Supply and Water Supply and Materials Recovery are preliminary.

Table 2

METHODOLOGICAL INFORMATION

Definitions

The Industrial Output Prices Index is a monthly index and is the combination of the Industrial Output Prices Index for the domestic market and the Industrial Output Prices Index for the non domestic market.

The prices collected for products sold in the domestic market are basic selling prices excluding VAT, discounts, commissions and excise duties.  Moreover, the prices collected for products sold in the non domestic market are quoted FOB (free on board).

The prices collected refer mainly to transactions between the enterprises that produce and sell the products chosen for the compilation of the Industrial Output Prices Index and the enterprises that buy these products, regardless of whether those products are to be used as raw materials or as merchandise.

Scope
The monthly Industrial Output Prices Index reflects the evolution of prices in the sectors of mining and quarrying, manufacturing, electricity supply, water supply and materials recovery, that is, sections B, C, D and E of the statistical classification of economic activities NACE Rev. 2 of the European Union. The index does not include sewerage, waste collection, treatment and disposal and remediation activities, which are codes 37, 38.1, 38.2 and 39 of section E. The index can be an early indicator of inflationary pressures in the economy. The aggregated index is broken down to local market and export market indices.

Data Collection

The collection of data for the sectors of mining and quarrying, manufacturing and materials recovery is conducted by the Statistical Service by telephone enquiries and e-mail. Data is collected after the first Thursday of each month from a sample of enterprises. The Electricity Authority of Cyprus provides consumption data in quantity and value terms, while data is also received from water distribution and desalination units.

Compilation Method

The Industrial Output Prices Index is using 2015 as base year, meaning that it shows the monthly changes in prices in relation with the monthly average prices of the year 2015. In the base year, the average of the price indices for the twelve months is 100,0. For example, a monthly price index of 112,3 means that the prices for the specific month have increased by 12,3% in relation to the average monthly prices of 2015.

The aggregated Industrial Output Prices Index is a weighted average of the price indices of the various sub-sectors of Industry. The weights used reflect the sales value of products belonging to each sub-sector in the base year (2015) in relation to the total sales value of the sector.

The compilation of the Industrial Output Prices Index follows the provisions of Regulation (EU) 2019/2152 on European business statistics. The Index is transmitted every month to the Statistical Office of the European Union (Eurostat).

For more information:

CYSTAT Portal, subtheme Industry

CYSTAT-DB (Online Database)

Predefined Tables (Excel)

The Predefined Tables, available in Excel format, include data up to December 2022. Data from January 2023 onwards are available only in the CYSTAT-DB Online Database.

Contact
Evangelia Menelaou: Tel.: 22602165, E-mail: emenelaou@cystat.mof.gov.cy

(EP/SCH)