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Annual Change +9,1%

In October 2023 the Industrial Turnover Index reached 195,5 units (base 2015=100), recording an increase of 9,1% compared to October 2022. For the period January – October 2023, the index recorded an increase of 6,7% compared to the corresponding period of the previous year.

In manufacturing, the Industrial Turnover Index for October 2023 reached 193,7 units, recording an increase of 13,7% compared to October 2022. Increases were also noted in the sectors of mining and quarrying (+23,1%) and water supply and materials recovery (+13,4%). A decrease was recorded in the electricity supply sector (-9,6%).

Methodological information

Scope

The Industrial Turnover Index reflects the monthly changes of turnover in the branches 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 aggregated index is broken down to local market and export market index. The index is also compiled by main industrial groupings: intermediate goods, energy, capital goods, durable consumer goods and non-durable consumer goods.

Data Collection

The collection of data is conducted by the Statistical Service by telephone enquiries, fax or e-mail. The data collection starts five to ten days after the end of the reference period and is normally completed within two months. 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 turnover 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 sales data, while data are also collected from water distribution and desalination enterprises.

Compilation Method and Dissemination Practices

The Industrial Turnover Index is using 2015 as base year, meaning that it shows the monthly changes in turnover in relation with the monthly turnover average of the year 2015. In the base year, the average of the turnover indices for the twelve months is 100,0. For example, a monthly turnover index of 112,4 means that the turnover for the specific month has increased by 12,4% in relation to the average monthly turnover of 2015.

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

The compilation of the Industrial Turnover 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, visit the CYSTAT Portal, subtheme Industry --> CYSTAT-DB (Online Database), Predefined Tables (Excel), or contact or contact Ms Elisavet Zinonos, at tel. 22602187 or via e-mail at ezinonos@cystat.mof.gov.cy, or Mr Charalambos Alkiviadous at tel. 22602189 or via e-mail at calkiviadous@cystat.mof.gov.cy.

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.

(AP/EP)