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Cyprus’ Industrial Output Prices Decline By 1.9% In 2024 Amid Sectoral Shifts

by THEFUTURE.TEAM

February 3, 2025

Industrial production costs in Cyprus saw a 1.9% decline in 2024 compared to the previous year, according to the Cyprus Statistical Service (CyStat). The latest data reflects a broader economic trend of stabilizing prices across key sectors, despite fluctuations in specific industries.

The Index of Industrial Output Prices for December 2024 stood at 122.3 units (base 2021=100), marking a 0.1% month-on-month increase from November. However, on an annual basis, the index recorded a 1.5% drop compared to December 2023.

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Sectoral Performance: Stability And Declines

Electricity supply saw the sharpest decline, with prices plunging 10.5% year-on-year.
Mining and quarrying posted a 0.7% increase, while manufacturing rose by 0.9%.
Water supply and materials recovery remained stable year-over-year but recorded a 0.3% monthly increase in December.

Manufacturing Trends: Growth In High-Tech And Consumer Goods

Despite the overall decline in industrial prices, several manufacturing divisions experienced growth:

Furniture, electronics, and textiles saw notable increases, with the manufacture of furniture, other manufacturing, and machinery repair rising by 4.7%.
Electronic and optical products grew by 4.3%, while paper and printing increased by 3.5%.
Pharmaceuticals and chemicals saw a 2.0% uptick, reinforcing the strength of Cyprus’ chemical production sector.

Conversely, declines were observed in:

Rubber and plastic products (-0.6%)
Basic metals and fabricated metal products (-0.6%)
Other non-metallic mineral products (-0.1%)

Looking Ahead: Economic Implications

The drop in industrial output prices suggests lower production costs for businesses, potentially easing inflationary pressures. However, sector-specific gains—particularly in manufacturing, technology, and pharmaceuticals—signal resilience in high-value industries. The continued decline in electricity prices could further impact industrial production costs, shaping economic conditions in 2025.

With Cyprus’ industrial landscape evolving, businesses will need to adapt to shifting cost structures and market dynamics to remain competitive in the coming year.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.