Cyprus recorded a 3.1% increase in seasonally adjusted industrial production in December 2024 compared to December 2023, while the eurozone and EU saw declines of 2.0% and 1.7%, respectively, according to preliminary estimates from Eurostat, the EU’s statistical office.

On a monthly basis, industrial production in Cyprus rose by 3.7% in December 2024 compared to November 2024. In contrast, the eurozone saw a 1.1% decline, and the EU experienced a 0.8% drop.

In November 2024, Cyprus' industrial production had declined by 2.8%, while the eurozone and EU recorded increases of 0.4% and 0.2%, respectively, compared to the previous month.

For the full year 2024, the average annual industrial production decreased by 1.7% in the eurozone and by 2.0% in the EU compared to 2023.

On a monthly basis, from November to December 2024, industrial production in the eurozone declined as follows:

• Intermediate goods: -1.9%

• Capital goods: -2.6%

• Durable consumer goods: -0.7%

Meanwhile, there were increases in:

• Energy production: +0.5%

• Non-durable consumer goods: +5.1%

For the EU as a whole, the same period saw:

• Intermediate goods decline by 1.8%

• Capital goods drop by 2.0%

• Durable consumer goods fall by 1.0%

Energy production and non-durable consumer goods increased by 0.6% and 5.2%, respectively.

Among EU member states, the largest monthly decreases in industrial production were recorded in:

• Belgium (-6.8%)

• Portugal (-4.4%)

• Austria (-3.3%)

The highest monthly increases were seen in:

• Ireland (+8.2%)

• Luxembourg (+6.7%)

• Croatia (+6.3%)

On an annual basis, from December 2023 to December 2024, eurozone industrial production showed:

• Intermediate goods: -2.4%

• Capital goods: -8.1%

• Durable consumer goods: -2.2%

Energy production and non-durable consumer goods increased by 0.5% and 8.3%, respectively.

For the EU over the same period:

• Intermediate goods fell by 2.3%

• Capital goods dropped by 7.5%

• Durable consumer goods declined by 1.8%

Energy production and non-durable consumer goods grew by 0.6% and 8.2%, respectively.

The most significant annual decreases were observed in:

• Austria (-9.5%)

• Italy (-7.1%)

• Hungary (-6.4%)

The largest increases occurred in:

• Malta (+14.4%)

• Ireland (+10.1%)

• Lithuania (+7.6%)