Industrial production in Cyprus declined by 4.9% in November 2024, with the Industrial Production Index dropping to 102.7 units (base 2021=100), according to data released by the Cyprus Statistical Service on Thursday.
A major contributing factor to the decline was a 44.2% drop in the manufacturing of non-metallic mineral products, largely impacted by a strike in the ready-mix concrete sector that lasted from early November to early December.
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Manufacturing And Mining Suffer, Utilities Show Growth
The manufacturing sector recorded a 6.1% year-on-year decline in November, while mining and quarrying saw an even sharper contraction of 23.6%. Conversely, some industries posted gains, with water supply and materials recovery increasing by 11.4%, and electricity supply rising slightly by 0.7%.
Within manufacturing, the strongest growth came from machinery and equipment production, including motor vehicles and transport equipment (up 13.7%), rubber and plastic products (up 7.5%), and electronic and optical products (up 6.9%).
However, significant downturns were observed in non-metallic mineral products (down 44.2%), paper products and printing (down 18%), and furniture manufacturing and machinery repair/installation (down 14.4%).
Year-to-Date Performance Shows Overall Growth
Despite November’s decline, industrial production for the period January–November 2024 remained positive, registering a 2.8% increase compared to the same period in 2023.
The most notable year-to-date growth was recorded in water collection, treatment, and supply (up 22.8%), electronic and optical products manufacturing (up 12.2%), and machinery and transport equipment production (up 9.9%). Mining and quarrying, which showed a steep drop in November, still recorded an 8% increase over the 11 months.
On the downside, paper products and printing (down 11.7%), non-metallic mineral products (down 4.9%), and textiles, apparel, and leather goods manufacturing (down 4.5%) were among the hardest-hit industries.
