According to data released today by the Statistical Service, industrial production in Cyprus saw a 2.4% increase in 2023 compared to the previous year.

In December 2023, the Industrial Production Index reached 136.1 points (based on 2015=100), marking a 2.3% increase compared to the same month in 2022. Overall, during 2023, the index showed a growth of 2.4% compared to the preceding year.

In the manufacturing sector, there was a 0.8% increase compared to December 2022. Furthermore, significant increases were observed in the water supply and material recovery sectors (+27.7%), mining and quarrying (+5.3%), and the provision of electricity (+3.8%).

Significant positive changes in the manufacturing sector, compared to December 2022, were seen in the production of electronic and optical products and electrical equipment (+25.9%), the production of basic metals and metal products (+13.7%), and the manufacturing of rubber and plastic products (+1.3%).

Conversely, the most significant negative changes were noted in the activities of furniture manufacturing and repair/installation of machinery and equipment (-5.9%), the production of textiles, clothing, and leather goods (-4.1%), and the manufacture of other non-metallic mineral products (-4.0%).

Comparing the rates of change for January-December 2023 with the same period in the previous year, the most substantial increases were observed in the manufacture of electronic and optical products and electrical equipment (+28.2%), the manufacture of machinery and equipment, motor vehicles, and other transport equipment (+11.5%), the production of basic metals and manufacture of metal products (+10.9%), water collection, treatment and supply (+9.3%), and material recovery (+7.9%). The only activities that experienced decreases in production compared to 2022 were in furniture manufacturing and repair/installation of machinery and equipment (-7.3%), electricity supply (-1.3%), and the manufacture of rubber and plastic products (-0.1%).