Industrial production in Cyprus recorded an 8.2% annual increase in April this year.

According to the Statistical Service, the Industrial Production Index for April 2024 reached 106.8 points (base year 2021=100), marking an 8.2% increase compared to April 2023.

For the period January to April 2024, the index showed a 5.9% increase compared to the same period last year.

Official data reveals a 7.3% increase in the manufacturing sector compared to April 2023. Additionally, significant growth was observed in the sectors of mining and quarrying (36.9%), water supply and material recovery (31.2%), and electricity supply (2.1%).

In the manufacturing sector, the most notable positive changes compared to April 2023 occurred in the following economic activities: manufacturing of electronic and optical products and electrical equipment (21.3%), manufacturing of machinery and equipment, motor vehicles, and other transport equipment (19.1%), production of basic metals and metal products (16.6%), manufacturing of furniture and repair/installation of machinery and equipment (13.3%), manufacturing of rubber and plastic products (8.0%), and the wood industry and manufacturing of wood and cork products, except furniture (7.8%).

Comparing the growth rates for the period January to April 2024 with the same period last year, the most significant increases were observed in water collection, treatment, and supply (47.6%), mining and quarrying (19.1%), manufacturing of electronic and optical products and electrical equipment (17.7%), material recovery (16.7%), production of basic metals and metal products (15.8%), manufacturing of machinery and equipment, motor vehicles, and other transport equipment (11.9%), and manufacturing of furniture and repair/installation of machinery and equipment (11.6%).

The only activities that saw a decrease in production compared to the period January to April 2023 were the manufacturing of paper and paper products and printing (3.1%), production of refined petroleum products, chemicals, and pharmaceutical products (1.9%), and electricity supply (0.9%).

Fuel sales in Cyprus declined marginally in May, dropping by 0.2% year on year, driven by decreases in marine gasoil, heavy fuel oil, road diesel, and gasoline sales.

According to data published on Thursday by the Statistical Service of Cyprus, total fuel sales in May amounted to 122,359 tonnes.

Provisions of marine gasoil dropped by 30.1%, sales of heavy fuel oil by 26.5%, and heating gasoil by 19.4%. Sales of road diesel declined by 6.5%, and motor gasoline by 2.0%.

Conversely, provisions of aviation kerosene rose by 4.2% annually, while sales of light fuel oil surged by 58.7%.

Sales from filling stations recorded a drop of 4.7%, totaling 53,484 tonnes, Cystat added.

For the period January to May 2024, total sales of petroleum products registered a growth of 2.2% compared to the same period last year.

Compared with April 2023, total sales of petroleum recorded an increase of 6.4%, with provisions of aviation kerosene rising by 12.7%, sales of road diesel by 3.9%, and gasoline by 3.4%.

The total stocks of petroleum products at the end of May 2024 rose by 27.2% compared to the end of the previous month, Cystat noted.