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29-11-2023 13:15

Industrial Production Index: September 2023

Annual Change +2,5%

In September 2023, the Industrial Production Index reached 142,9 units (base 2015=100), recording an increase of 2,5% compared to September 2022. For the period January – September 2023, the index recorded an increase of 0,9% compared to the corresponding period of the previous year.

 

The manufacturing sector registered an increase of 4,0% compared to September 2022. An increase was also observed in the water supply and materials recovery (+8,5%). Negative changes were observed in the sectors of mining and quarrying (-3,6%) and electricity supply (-3,1%).

In the manufacturing sector, the most significant positive changes compared to September 2022 were observed in the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+14,2%), refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (+10,5%), basic metals and fabricated metal products (+10,0%), wood and products of wood and cork, except furniture (+7,6%) and electronic and optical products and electrical equipment (+6,4%). The only activities where a decrease in production was observed were those of the manufacturing of rubber and plastic products (-4,1%) and the manufacturing of furniture and repair/installation of machinery and equipment (-0,5%).

 

Comparing the rates of change for the period January – September 2023 against the corresponding period of the previous year, the most significant positive changes were observed in the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+13,8%), the manufacturing of textiles, wearing apparel and leather products (+12,7%), the manufacturing of electronic and optical products and electrical equipment (+12,3%) and the manufacturing of basic metals and fabricated metal products (+12,0%). The activities where the most significant negative changes in production were registered were those relating to the manufacturing of furniture and repair/installation of machinery and equipment (-9,3%) and electricity supply (-7,5%).

 Table

 

 

 

 

Code

(NACE

Rev. 2)

Economic Activity

Index

(2015=100)

Percentage Change (%)

Sep

2023

Sep

2023/2022

Jan-Sep

2023/2022

Β

MINING AND QUARRYING

231,8

-3,6

6,5

C

ΜANUFACTURING

149,6

4,0

3,0

10+11+12

Manufacture of Food Products, Beverages and Tobacco Products

132,1

0,9

2,6

13+14+15

Manufacture of Textiles, Wearing Apparel and Leather Products

166,3

4,5

12,7

16

Manufacture of Wood and Products of Wood and Cork, except furniture

141,1

7,6

1,1

17+18

Manufacture of Paper and Paper Products and Printing

94,9

1,6

1,2

19+20+21

Manufacture of Refined Petroleum Products, Chemicals and Chemical Products and Pharmaceutical Products and Preparations

160,7

10,5

2,0

22

Manufacture of Rubber and Plastic Products

141,6

-4,1

-0,3

23

Manufacture of Other Non-Metallic Mineral Products

182,8

2,6

5,2

24+25

Manufacture of Basic Metals and Fabricated Metal Products

192,0

10,0

12,0

26+27

Manufacture of Electronic and Optical Products and Electrical Equipment

88,4

6,4

12,3

28+29+30

Manufacture of Machinery and Equipment, Motor Vehicles and Other Transport Equipment

149,8

14,2

13,8

31+32+33

Manufacture of Furniture, Other Manufacturing and Repair and Installation of Machinery and Equipment

184,3

-0,5

-9,3

D

ELECTRICITY SUPPLY

115,7

-3,1

-7,5

Ε

WATER SUPPLY AND MATERIALS RECOVERY

161,3

8,5

3,3

36

Water Collection, Treatment and Supply

170,9

11,3

2,5

38.3

Materials Recovery

133,8

-0,6

6,2

B+C+D+E

GENERAL INDEX

142,9

2,5

0,9

 
 

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 IndustryCYSTAT-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.

(GS/EP)