Press Releases

Annual Change +3,0%

In August 2023, the Industrial Production Index reached 121,8 units (base 2015=100), recording an increase of 3,0% compared to August 2022. For the period January – August 2023, the index recorded an increase of 0,7% compared to the corresponding period of the previous year.

The manufacturing sector registered an increase of 2,3% compared to August 2022. An increase was also observed in the sectors of mining and quarrying (+5,7%), electricity supply (+4,6%) and water supply and materials recovery (+4,5%).

In the manufacturing sector, the most significant positive changes compared to August 2022 were observed in the manufacturing of electronic and optical products and electrical equipment (+20,7%), machinery and equipment, motor vehicles and other transport equipment (+17,7%), wood and products of wood and cork, except furniture (+15,9%), textiles, wearing apparel and leather products (+13,7%), basic metals and fabricated metal products (+11,4%) and food products, beverages and tobacco products (+2,4%). Negative changes were observed in the manufacturing of furniture and repair/installation of machinery and equipment (-6,8%) and the manufacturing paper and paper products and printing (-4,3%).

Comparing the rates of change for the period January – August 2023 against the corresponding period of the previous year, the most significant positive changes were observed in the manufacturing of textiles, wearing apparel and leather products (+14,6%), the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+14,2%), the manufacturing of electronic and optical products and electrical equipment (+13,1%) and the manufacturing of basic metals and fabricated metal products (+12,3%). The only negative changes where a decrease in production was observed compared to the period January – August 2022 were those relating to the manufacturing of furniture and repair/installation of machinery and equipment (-11,1%) and electricity supply (-8,0%).

Methodological information

Scope

The Industrial Production Index reflects the monthly changes of the volume of production 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.

Data Collection

The collection of data is conducted by the Statistical Service by telephone enquiries, fax or e-mail. The data collection process starts five to ten days after the end of the reference period and is normally completed within a month and a half. The mining and quarrying sector covers all major quarrying products but not the support activities for the extraction of natural gas. For manufacturing, all enterprises with production value 1.700.000 Euros and over or with 20 or more employees are included in the survey and a sample is selected from enterprises employing less than 20 persons. The Electricity Authority of Cyprus provides production data, while data are also collected from water distribution and desalination enterprises.

Compilation Methods and Dissemination Practices

The Industrial Production Index is using 2015 as base year, meaning that it shows the monthly changes in production in relation with the monthly average production of the year 2015. In the base year, the average of the production indices for the twelve months is 100,0. For example, a monthly production index of 103,4 means that the production for the specific month has increased by 3,4% in relation to the monthly average production of 2015.

The aggregated Index of Industrial Production is a weighted average of the production indices of the various sub-sectors of Industry, as determined in the statistical classification of economic activities NACE Rev. 2. The weights used for the compilation of the index are derived from the value added of the enterprises in the base year (2015) and reflect the value added of each sub-sector in relation to the total value added of the Industrial sector.

The compilation of the Industrial Production Index follows the provisions of Regulation (EU) 2019/2152 on European business statistics. In addition to gross data, both seasonally and working day adjusted data are transmitted every month to the Statistical Office of the European Union (Eurostat). The Index is published at national level only in its gross form.

For more information, visit the CYSTAT Portal, subtheme Industry, CYSTAT-DB (Online Database), Predefined Tables (Excel) or contact Ms Elisavet Zinonos at tel 22602187 or e-mail ezinonos@cystat.mof.gov.cy and Mr Charalambos Alkiviadous, at tel 22602189 or e-mail calkiviadous@cystat.mof.gov.cy.

It is noted that 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.

(MS/AP)