Annual Change -0.6%
The Industrial Production Index for February 2023 reached 125.4 points (base 2015=100), an increase of 0.6% compared to February 2022. In the period January - February 2023, the index remained stable compared to the same period last year.
The manufacturing sector saw an increase of 0.9% compared to February 2022. An increase was also recorded in the electricity supply (+0.2%). Negative change was observed in the mining and quarrying (-2.6%) and water supply and materials recovery (-2.5%) sectors.
In the manufacturing sector, the most significant positive changes compared to February 2022 occurred in the following economic activities: manufacture of food, beverages and tobacco products (+6.7%); manufacture of machinery and equipment, motor vehicles and other transport equipment (+4.8%); manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (+4.4%); and manufacture of textiles, clothing and leather goods (+3.2%). The most significant negative changes were observed in the manufacture of electronic and optical products and electrical equipment (-30.2%), manufacture of other non-metallic mineral products (-5.2%) and manufacture of rubber and plastic products (-5.0%).
Comparing the rates of change for January - February 2023 with the corresponding period of the previous year, the most significant increases are observed in Materials recovery (+25.2%), Manufacture of other non-metallic mineral products (+12.2%) and Mining and quarrying (+10.5%). The activities in which the most significant decreases in output were observed compared to the January - February 2022 period were those in the manufacture of electronic and optical products and electrical equipment (-38.2%), water collection, treatment and supply (-19.0%) and electricity supply (-9.5%).
Table
| Table | | | |
|
Code (NACE Rev. 2) |
[/TD]
[TD]
Economic Activity
[/TD] [TD]Index (2015=100)
[/TD] [TD]Percentage Change (%)
[/TD] [/TD][TR] [TD]
Feb 2023
[/TD] [TD]Feb 2023/
Feb 2022
[/TD] [TD]Jan-Feb 2023/
Jan-Feb 2022
[/TD] [/TD] [/TR] [TR] [TD]B
[/TD] [TD]METALS AND STOCKS
[/TD] [TD]181,5
[/TD] [TD]
-2,6
[/TD] [TD]10,5
[/TD] [/TD] [/TR] [TR] [TD]C
[/TD] [TD]METABISATION
[/TD] [TD]132,9
[/TD] [TD]0.9
[/TD] [TD]3,2
[/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food, Beverage and Tobacco Products Industry
[/TD] [TD]119,7
[/TD] [TD]6,7
[/TD] [TD]7,2
[/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, wearing apparel and leather goods
[/TD] [TD]130,7
[/TD] [TD]3,2
[/TD] [TD]4,1
[/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and cork products, except furniture
[/TD] [TD]132,6
[/TD] [TD]-1,3
[/TD] [TD]-3,0
[/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of paper and paper products and printing
[/TD] [TD]75,9
[/TD] [TD]-0,9
[/TD] [TD]1,3
[/TD] [/TR] [TR] [TD]19+20+21
[/TD] [TD]Production of refined petroleum products, chemical substances and products and pharmaceutical products and preparations
[/TD] [TD]139.4
[/TD] [TD]4.4
[/TD] [TD]6,7
[/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]124,6
[/TD] [TD]-5,0
[/TD] [TD]-0,4
[/TD] [/TD] [/TR] [TR] [TD]23
[/TD] [TD]Manufacture of other non-metallic mineral products
[/TD] [TD]169,2
[/TD] [TD]-5.2
[/TD] [TD]12.2
[/TD] [/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Production of Basic Metals and Manufacture of Metal Products
[/TD] [TD]169,3
[/TD] [TD]0,5
[/TD] [TD]1,9
[/TD] [/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of electronic and optical products and electrical equipment
[/TD] [/TD] [TD]73,3
[/TD] [TD]-30.2
[/TD] [TD]-38.2
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, Motor Vehicles and Other Transport Equipment
[/TD] [/TD] [TD]132.0
[/TD] [TD]4.8
[/TD] [TD]2.9
[/TD] [/TR] [TR] [TD]31+32+33
[/TD] [TD]Manufacture of Furniture, Other Manufacturing and Repair and Installation of Machinery and Equipment
[/TD] [/TD] [TD]159.8
[/TD] [TD]-1.1
[/TD] [TD]-2,1
[/TD] [/TR] [TR] [TD]D
[/TD] [TD]ELECTRICITY SUPPLY
[/TD] [TD]102,8
[/TD] [TD]0,2
[/TD] [/TD] [TD]-9.5
[/TD] [/TR] [TR] [TD]E
[/TD] [TD]WATER SUPPLY AND MATERIALS RECOVERY
[/TD] [TD]109,3
[/TD] [TD]
-2.5
[/TD] [TD]-9.1
[/TD] [/TD] [/TR] [TR] [TD]36
[/TD] [TD]Collection, Water Collection, Treatment and Supply
[/TD] [/TD] [TD]97.8
[/TD] [TD]-13.9
[/TD] [TD]-19.0
[/TD] [/TR] [TR] [TD]38.3
[/TD] [TD]Materials Recovery
[/TD] [TD]142.4
[/TD] [TD]32.3
[/TD] [TD]25,2
[/TD] [/TR] [TR] [TD]
B+C+D+E
[/TD] [TD]GENERAL FACTOR
[/TD] [TD]125,4
[/TD] [TD]0,6
[/TD] [TD]0,0
[/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, waste collection, treatment and disposal 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 1 700 000 or more or employing 20 or more persons are covered and a sample of smaller enterprises is taken. The Cyprus Electricity Authority provides production data, while data are also taken from the Water Supply Boards and desalination plants.
Method of calculation and publication practices
The Industrial Production Index is based on 2015, i.e. it shows the monthly change in production relative to the monthly average production in 2015. 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 2015.
To compile the total Industrial Production Index, the weighted average of the individual indicators is calculated for the various branches of industry as defined in the statistical classification of economic activities NACE Rev.2. 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:
Statistical Office Portal, under Industry
CYSTAT-DB (Database)
Predefined Tables (Excel)
The Predefined Tables in Excel format include data up to December 2022. For January 2023 and onwards, the update is done only in the CYSTAT-DB Database.
Contact:
Elizabeth Zenonos, tel.: +357 22602187, tel.: ezinonos@cystat.mof.gov.cy
Charalambos Alkiviados, tel.: ezinonos@cystat.mof.gov.cy
Charalambos Alkiviados, tel.+357 22602189, tel.: calkiviadous@cystat.mof.gov.cy
(AF/SX)
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Views & opinions expressed are those of the author and/or PIO
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