The Cyprus Statistical Service published data revealing key trends in industrial production, oil product sales, and banking performance for 2024.

The Industrial Production Index increased by 4.1% in the period from January to September 2024 compared to the same period in 2023.

In September 2024, the index reached 114.9 units (base 2021=100), up 2.3% from September 2023. The manufacturing sector also grew by 2.3%, with increases in mining and quarrying (+11.8%) and water supply/materials recovery (+7.2%). However, electricity supply fell by 1.8%.

Total oil product sales increased by 3.5% in October 2024 compared to October 2023, reaching 135,250 tons, while sales in the first ten months of the year rose by 1.4% year-on-year.

Sales from petrol stations rose by 8.9%, totaling 60,113 tons. Compared to September 2024, total oil product sales in October grew by 3.9%, with notable increases in jet fuel (+7.1%) and diesel (+3%), while gasoline sales slightly decreased (-0.5%).

At the end of October, oil product inventories increased by 2.2% compared to September.

The Central Bank of Cyprus reported a net decrease in loans and an increase in deposits in October 2024:

• Total deposits grew by €377.6 million, reaching €54.6 billion, with an annual growth rate of 5.4% (up from 4.5% in September).

  • Deposits by Cyprus residents rose by €230.2 million, with increases of €64.9 million in household deposits and €115.8 million in non-financial corporation deposits.

• Total loans fell by €213 million, leaving the outstanding amount at €24.8 billion, with an annual growth rate of 2% (unchanged from September).

  • Loans to Cyprus residents decreased by €130.4 million, despite a €9.4 million rise in household loans. Loans to non-financial corporations dropped by €132.2 million.