The Services Turnover Value Index in Cyprus exhibited mixed results in the third quarter of this year, showing growth in three sectors but a decline in one, compared to the same period in 2022. This information comes from the latest data released by the Cyprus Statistical Service.

In particular, the third quarter of 2023 saw a notable increase in the index for administrative and support service activities (19.2%), accommodation and food service activities (15.7%), and professional, scientific, and technical activities (2.8%). Conversely, the information and communication sector experienced an 8.9% decline compared to the third quarter of the previous year.

The period from January to September 2023 also revealed increases in several sectors compared to 2022. Accommodation and food service activities rose by 19.7%, administrative and support service activities by 16.9%, professional, scientific, and technical activities by 5.1%, and the information and communication sector by a modest 0.7%.

Shifting focus to the Index of Industrial Output Prices, October 2023's figure stood at 138.4 units (with 2015 as the base year of 100). This represents a decrease of 1.7% compared to October of the previous year.

A closer examination shows contrasting trends across sectors for October 2023. Mining and quarrying reported a 6.3% increase, and manufacturing rose by 2.3%. However, there were declines in electricity supply (10.2%) and water supply along with materials recovery (5%).

Breaking down the manufacturing sector's performance in October 2023, there were gains in several areas: the manufacture of non-metallic mineral products (6.6%), furniture and other manufacturing including repair and installation of machinery and equipment (4.8%), refined petroleum products, chemicals, chemical products, and pharmaceuticals (4.1%), and food products and beverages (3.5%). On the downside, there was a decrease in the manufacture of basic metals and fabricated metal products (5.5%), machinery and equipment, motor vehicles and other transport equipment (0.7%), rubber and plastic products (0.2%), and paper products, including printing (0.1%).

When comparing October 2023 to September 2023, the index showed a slight decrease of 0.1%. The electricity supply sector remained stable, while the mining and quarrying sector improved by 1.1%. Conversely, water supply and materials recovery, along with manufacturing, saw declines of 0.4% and 0.1%, respectively.

For the period from January to October 2023, the index overall exhibited a 5.7% increase compared to the same timeframe in 2022.