The industrial turnover index in Cyprus reached 125.3 units (base 2021=100) in November 2024, reflecting a 5.6% decrease compared to November 2023, according to data published by the Statistical Service on Wednesday.

A month-long strike in the ready-mix concrete sector occurred during November, potentially influencing the decline. 

In the manufacturing sector, the industrial turnover index for November 2024 stood at 124.6 units, showing a 2.5% decrease compared to the same period in 2023. Declines were also recorded in:

• Mining and quarrying (-24%)

• Electricity supply (-18.8%)

However, an increase of 4.7% was noted in the water supply and materials recovery sector.

Despite the November downturn, the overall index for January – November 2024 recorded a 1.2% increase compared to the same period in 2023.

The number of registered unemployed persons at District Labour Offices stood at 13,147 at the end of January 2025, marking a 10.6% drop compared to January 2024.

The decline was primarily attributed to reductions in unemployment in the following sectors:

• Financial and insurance activities

• Accommodation and food services

• Professional, scientific, and technical activities

• Construction

• Newcomers to the labor market

Seasonally adjusted data indicate that the number of registered unemployed persons decreased to 10,447 in January 2025, down from 10,511 in December 2024.

The net demand for housing loans from households increased in Q3 2024, marking the first rise since Q1 2022, according to the Central Bank of Cyprus' (CBC) October 2024 Bank Lending Survey.

Meanwhile, the net demand for business loans remained unchanged compared to the previous quarter, maintaining stability for the second consecutive quarter.

The survey also highlighted that:

• Credit standards for loans to enterprises and households remained unchanged.

• Overall lending terms and conditions showed no variation from the previous quarter.

• Lending criteria for housing loans have remained stable for three consecutive quarters.

At the same time, net demand for consumer credit and other household loans remained unchanged.