August 2023 saw a continued rise in industrial production, as indicated by a 3% increase in the index to 121.8 points, using 2015 as the base year (100 points). This growth, noted in August 2023 compared to the same month in 2022, marks the fourth straight month of upward momentum. Overall, from the start of the year to August, there has been a 0.7% increase in the index compared to the same period last year.

The Statistical Service of Cyprus highlighted notable sectoral growth. The manufacturing sector grew by 2.3% compared to August 2022. Additionally, mining and quarrying experienced a robust 5.7% increase. The sectors of electricity supply, water supply, and materials recovery also saw significant growth, with increases of 4.6% and 4.5%, respectively.

A closer look at the period from January to August 2023 reveals key areas of growth compared to the same months in the previous year. The sectors experiencing the most substantial increases included the manufacturing of textiles, apparel, and leather products (up by 14.6%), machinery and equipment, motor vehicles, and other transport equipment (up by 14.2%), and the manufacturing of electronic, optical products, and electrical equipment (up by 13.1%). The production of basic metals and fabricated metal products also saw a healthy rise of 12.3%.

However, not all sectors fared equally. There was a 6.8% decline in the production of furniture and the repair and installation of machinery and equipment. Additionally, the manufacturing of paper products, paper, and printing activities saw a decrease of 4.3%.

Within the manufacturing sector itself, August 2023 witnessed significant increases in specific industries compared to August of the previous year. The manufacturing of electronic and optical products, along with electrical equipment, led the way with a 20.7% increase. This was followed by growth in the production of machinery and equipment, motor vehicles, and other transport equipment (up by 17.7%), wood products and products of wood and cork (excluding furniture) up by 15.9%, textiles, apparel, and leather products up by 13.7%, basic metals and fabricated metal products up by 11.4%, and finally, food products, beverages, and tobacco showing a modest increase of 2.4%.

Contrastingly, certain sectors within manufacturing reported declines. The production of furniture and related activities around the repair and installation of machinery and equipment decreased by 6.8%, while the manufacturing of paper, paper products, and printing activities decreased by 4.3%.