Manufacturing Drives Growth In Cyprus Industrial Turnover Index

Strong Monthly Gains Signal Robust Economic Activity

Cyprus witnessed a significant uptick in its Industrial Turnover Index during March 2026, as the index climbed by 5.6% to reach 144.7 units according to the Cyprus Statistical Service (Cystat). The early part of the year marked a cumulative increase of 2.8% compared with the same period in 2025, underscoring a steady rebound underpinned by key sectoral performance.

Manufacturing Leads The Charge

The manufacturing sector emerged as the principal growth engine, with its index rising to 148.7 units, a substantial annual increase of 8.2%. Over the first quarter, manufacturing turnover improved by 3% year-on-year. Notably, subsectors such as wood products (excluding furniture) demonstrated exceptional gains, with monthly turnover surging by 23.1% and a quarterly rise of 21.5%. Additionally, sectors focusing on rubber and plastic products reported robust advances of 17.2% in March and 6.4% over the quarter.

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Sector-Specific Highlights

Other segments within manufacturing further contributed to the overall positive performance:

Basic Metals And Fabricated Metal Products: Recorded gains of 11.5% in March and 12.7% quarterly.
Food, Beverages And Tobacco: Turnover increased by 10.3% in March, with a quarterly uptick of 4.2%.
Machinery And Equipment, Motor Vehicles, And Transport Equipment: Experienced rises of 9.3% in March and 6.5% overall for the period.

In contrast, the refined petroleum and chemical products segments, alongside pharmaceutical preparations, saw declines of 3.7% in March and 2.7% for the quarter, while sectors such as electronic and optical products receded by 10.2% in March and 16.6% over the first three months.

Complementary Sectors And Market Dynamics

Beyond manufacturing, the mining and quarrying sector maintained momentum by posting an 11% annual increase in March, although its three-month growth was modest at 0.7%. The water supply and materials recovery sectors demonstrated remarkable performance, with indices recording increases of 16% in March and 9.4% quarterly. Conversely, the electricity supply segment experienced a notable contraction of 10.3% in March, contributing to a slight overall quarterly decline.

Market Performance: Local And Export

Market segmentation further illustrates the economic landscape with the local market index rising to 145.0 units, a 5.9% increase in March and a 3.9% rise over the quarter. The export market index, while up by 4% in March to stand at 142.9 units, recorded a minor quarterly decline of 3.7%.

Conclusion

The comprehensive industrial performance, as measured by the turnover index, reflects a dynamic economic environment in Cyprus, driven primarily by manufacturing and supported by strategic growth in mining, water supply, and materials recovery. As policymakers and business leaders analyze these figures, the underlying trends not only offer a snapshot of current market vitality but also provide critical insights for future economic planning and sectoral strategy.

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Cyprus Promotes Ship Registry In Asia As Fleet Grows To 25-Year High

by THEFUTURE.TEAM

October 19, 2026

Cyprus is stepping up efforts to attract international shipowners, with Shipping Deputy Minister Marina Hadjimanolis holding high-level meetings in China and Japan as the country’s ship register reaches its strongest level in 25 years.

Running from October 14 to 29, the Asian mission focuses on expanding commercial ties, promoting the advantages of the Cyprus flag and strengthening cooperation with shipowners, shipbuilders and maritime authorities.

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China Meetings Target Shipowners And Industry Leaders

In Shanghai, Hadjimanolis met Wang Qian, vice-director of the Shanghai Pudong New Area Commission of Commerce and Shipping Service Office, ahead of the North Bund International Shipping Forum on October 20–21. Organisers expect around 4,000 participants from more than 50 countries and regions, with discussions covering international shipping, maritime safety, financing, insurance, digitalisation and the transition to cleaner fuels.

The minister also met representatives of Dalian Trawind Shipping and Fortuna Shipbrokers Inc. to present the Cyprus registry’s advantages and explore registration opportunities for vessel owners. On October 20, she is scheduled to speak at the 10th Annual Capital Link International Shipping Forum in Pudong, joining a ministerial roundtable on international maritime leadership.

A visit to Zhoushan is also planned for the naming ceremony of Kypros Island, a new vessel for the Cyprus register owned by Safe Bulkers. Launched in June at the Tsuneishi shipyard on Xiushan Island, the 81,200-deadweight-tonne methanol dual-fuel bulk carrier is scheduled for delivery at the end of October. According to the Zhejiang Maritime Safety Administration, sea trials were due to take place between October 11 and 16.

Japan Engagements Strengthen Maritime Ties

Before travelling to China, Hadjimanolis met Japan’s Parliamentary Vice-Minister for Land, Infrastructure, Transport and Tourism, Kenta Aoshima, in Tokyo on October 16. Her programme also included meetings with senior representatives of Shoei Kisen Kaisha, Nihon Shipyard, NYK Line, ITOCHU Corporation and SSY Projects, focusing on cooperation with Japanese shipowners, shipbuilders and shipping operators.

At the 5th Annual Capital Link Japan Maritime Forum, held at the Tokyo American Club, Hadjimanolis discussed maritime leadership, competitiveness, policy and international cooperation with Capital Link founder and president Nicolas Bornozis. Other sessions examined Japan’s shipbuilding strategy, new-vessel financing and the development of ammonia-powered ships.

The Tokyo programme followed a Cyprus Ship Registry reception on October 15 for representatives of Japan’s maritime and business communities. Hadjimanolis outlined the country’s shipping services and regulatory framework, while Polys Hajioannou, chief executive of Safe Bulkers and president of the Cyprus Union of Shipowners, delivered the opening remarks.

Registry Reaches Highest Level In 25 Years

At the reception, Hadjimanolis said the Cyprus Ship Registry had grown by 27% since September 2023, reaching its highest level in a quarter of a century. She attributed the expansion to efforts to improve competitiveness, simplify administrative procedures and provide more responsive services to international shipowners.

Cyprus’s inclusion on the White Lists of the Paris and Tokyo Memoranda of Understanding was another point highlighted by the minister. These lists reflect the safety and inspection performance of ships flying a national flag.

Existing commercial links with Japan include Safe Bulkers’ announcement in May of four Japanese-built dry bulk vessels scheduled for delivery in 2029.

South Korea Next On The Maritime Agenda

Hadjimanolis’ mission will continue in South Korea, where she is expected to attend the 2026 World Maritime Day Parallel Event and Korea Maritime Week alongside International Maritime Organization Secretary-General Arsenio Dominguez and government representatives from several countries.

Her programme will also include discussions on implementing international maritime conventions and bilateral talks aimed at strengthening Cyprus’s shipping ties with South Korea.

The Asian outreach comes as maritime centres compete for shipowners amid geopolitical uncertainty, fleet renewal and pressure to reduce shipping emissions. For Cyprus, the strategy combines promotion of its registry with closer relationships across Asia’s shipbuilding and shipping sectors.

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