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Annual Change +8.2%
The Industrial Production Index for April 2024 reached 106.8 points (base 2021=100), an increase of 8.2% compared to April 2023. In the period January-April 2024, the index increased by 5.9% compared to the same period of the previous year.
The manufacturing sector recorded an increase of 7.3% compared to April 2023. Increases were also recorded in mining and quarrying (+36.9%), water supply and materials recovery (+31.2%) and electricity supply (+2.1%).
In the manufacturing sector, the most significant positive changes compared to April 2023 occurred in the following economic activities: manufacture of electronic and optical products and electrical equipment (+21.3%); manufacture of machinery and equipment, motor vehicles and other transport equipment (+19.1%); basic metals and fabricated metal products (+16.6%); manufacture of furniture and repair/installation of machinery and equipment (+13.3%); manufacture of rubber and plastic products (+8.0%); and wood industry and manufacture of wood and cork products, except furniture (+7.8%).
Comparing the rates of change for January-April 2024 with the same period of the previous year, the most significant increases are observed in water collection, treatment and supply (+47.6%), mining and quarrying (+19.1%), manufacture of electronic and optical products and electrical equipment (+17,7%), materials recovery (+16.7%), basic metals and fabricated metal products (+15.8%), manufacture of machinery and equipment, motor vehicles and other transport equipment (+11.9%) and manufacture of furniture and repair/installation of machinery and equipment (+11.6%). The only activities in which there were decreases in output compared to the January-April 2023 period were those of the manufacture of paper and paper products and printing (-3.1%), the manufacture of refined petroleum products, chemicals and chemical products and pharmaceuticals and pharmaceutical preparations (-1.9%) and electricity supply (-0.9%).
| Table |
[/TR] [TR] [TD]
Code (NACE Rev. 2)
[/TD] [TD]Economic Activity
[/TD] [TD]Index (2021=100)
[/TD] [TD]Percentage Change (%)
[/TD] [/TD] [/TR] [TR] [TD]
Apr2024
[/TD] [TD]Apr2024/2023
[/TD] [TD]Jan-Apr2024/2023
[/TD] [/TD] [/TR] [TR] [TD]B
[/TD] [TD]METALS AND STORAGE
[/TD] [TD]122,5
[/TD] [/TD] [TD]36,9
[/TD] [TD]19,1
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]METABOLISM
[/TD] [TD]110,8
[/TD] [TD]
7,3
[/TD] [TD]5,4
[/TD] [/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food industry, Beverages and Tobacco Products
[/TD] [/TD] [TD]113,1
[/TD] [TD]3,6
[/TD] [TD]2,6
[/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, Clothing and leather goods
[/TD] [/TD] [TD]134,4
[/TD] [TD]2,0
[/TD] [TD]4,1
[/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and articles of wood and cork, except furniture
[/TD] [/TD] [TD]102,2
[/TD] [TD]7,8
[/TD] [TD]5,9
[/TD] [/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of paper and paper products and printing
[/TD] [TD]90,4
[/TD] [TD]0.1
[/TD] [TD]-3.1
[/TD] [/TR] [TR] [TD]19+20+21
[/TD] [TD]Manufacture of refined petroleum products, chemical substances and products and pharmaceutical products and preparations
[/TD] [/TD] [TD]114,8
[/TD] [TD]2,3
[/TD] [TD]-1,9
[/TD] [/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]109,7
[/TD] [TD]8,0
[/TD] [TD]4,5
[/TD] [/TR] [TR] [TD]23
[/TD] [TD]Manufacture of other non-metallic mineral products
[/TD] [TD]101,2
[/TD] [TD]3,1
[/TD] [TD]1,6
[/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Production of Basic Metals and Manufacture of Metal Products
[/TD] [TD]115.4
[/TD] [TD]16.6
[/TD] [TD]15,8
[/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of electronic and optical products and electrical equipment
[/TD] [TD]75,3
[/TD] [TD]21,3
[/TD] [TD]17,7
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, motor vehicles and other transport equipment
[/TD] [/TD] [TD]119,3
[/TD] [TD]19.1
[/TD] [TD]11.9
[/TD] [/TD] [/TR] [TR] [TD]31+32+33
[/TD] [TD]Manufacture of Furniture, Other Manufacturing Activities and Repair and Installation of Machinery and Equipment
[/TD] [/TD] [TD]121,8
[/TD] [TD]13.3
[/TD] [TD]11.6
[/TD] [/TD] [/TR] [TR] [TD]
D
[/TD] [TD]ELECTRICITY SUPPLY
[/TD] [TD]76,9
[/TD] [TD]
2,1
[/TD] [TD]-0,9
[/TD] [/TR] [TR] [TD]E
[/TD] [TD]WATER SUPPLY AND MATERIALS RECOVERY
[/TD] [TD]119.5
[/TD] [TD]31,2
[/TD] [TD]31,6
[/TD] [/TR] [TR] [TD]36
[/TD] [TD]Collection, Water Collection, Treatment and Supply
[/TD] [/TD] [TD]131.4
[/TD] [TD]39.0
[/TD] [TD]47.6
[/TD] [/TR] [TR] [TD]38.3
[/TD] [TD]Materials Recovery
[/TD] [TD]106.7
[/TD] [TD]22.1
[/TD] [TD]16,7
[/TD] [/TR] [TR] [TD]
B+C+D+E
[/TD] [TD]GENERAL FACTOR
[/TD] [TD]106.8
[/TD] [TD]8.2
[/TD] [TD]5,9
[/TD] [/TR] [/TR]
Methodological Information
Purpose
The Industrial Production Index expresses the monthly change in the volume of production in the mining and quarrying sectors, manufacturing, electricity supply, water supply and materials recovery, i.e. sectors B, C, D and E of the statistical classification of economic activities NACE Rev. 2 of the European Union. The indicator excludes waste water treatment, collection, treatment and disposal of waste and remediation activities, i.e. codes 37, 38.1, 38.2 and 39 of sector E.
Data collection
Data are collected by the Statistical Office, either by telephone interviews, fax or e-mail. Collection starts five to ten days after the end of the period under consideration and is usually completed within a month and a half. In the mining and quarrying sector, the main quarrying products are covered, but not the supporting activities for gas extraction. In manufacturing, all enterprises with a production value of EUR 2 000 000 or more or employing 20 or more persons are covered and a sample of smaller enterprises is taken. For electricity supply and water collection, treatment and supply, data are taken from administrative sources.
Method of calculation and publication practices
The Industrial Production Index takes 2021 as a base year, i.e. it shows the monthly change in production relative to the monthly average production in 2021. In the base year, the average of the Production Indices for the twelve months is 100.0. For example, if the Production Index for a given month is 103.4, this means that production for that month increased by 3.4% compared to the average monthly production in 2021.
To compile the total Industrial Production Index, the weighted average of the individual indicators for the various branches of industry, as defined in the statistical classification of economic activities NACE Rev.2, is calculated. The coefficients used for the weighting are derived from the production value added of enterprises in the base year (2021) and reflect the value added of each sub-sector in relation to the total value added of the Industry sector.
The compilation of the Industrial Production Index is carried out in the framework of the implementation of Regulation (EU) 2019/2152 on European business statistics. The index is sent monthly to the Statistical Office of the European Union (Eurostat) and in a corrected form (seasonally corrected and corrected for the number of working days). No corrections are made for publication at national level.
For more information, interested parties can visit the Statistical Office Portal, under Industry, Update on Base Year Change, CYSTAT-DB (Data Base), Predefined Tables (Excel) or contact Ms. Elizabeth Zenonos by phone at 22602187 or at ezinonos@cystat.mof.gov.cy, or Mr. Charalambos Alkiviados by phone at 22602189 or at calkiviadous@cystat.mof.gov.cy.
Data for the base year 2021=100 are only available in the CYSTAT-DB database.
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Views & opinions expressed are those of the author and/or PIO
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