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Annual Change +4.2%
The Industrial Production Index for January 2024 reached 99.5 points (base 2021=100), an increase of 4.2% compared to January 2023.
The manufacturing sector recorded an increase of 3.2% compared to January 2023. Increases were also recorded in water supply and materials recovery (+33.8%), mining and quarrying (+14.8%) and electricity supply (+0.4%).
In the manufacturing sector, the most significant positive changes compared to January 2023 occurred in the following economic activities: production of basic metals and manufacture of metal products (+24.0%); manufacture of electronic and optical products and electrical equipment (+13.2%); manufacture of textiles, clothing and leather goods (+9.9%); manufacture of rubber and plastic products (+9.2%); and manufacture of machinery and equipment, motor vehicles and other transport equipment (+7.6%). The only negative changes were observed in the manufacture of other non-metallic mineral products (-12.8%) and the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (-4.5%).
| Table |
[TR] [TD]
Code
(NACE Rev. 2)
[/TD] [/TD] [TD]
Economic Activity
[/TD] [TD]Index (2021=100)
[/TD] [TD]Percentage Change (%)
[/TD] [/TD] [/TR] [TR] [TD]Jan
2024
[/TD] [TD]Jan
2024/2023
[/TD] [TD]Jan-Dec
2023/2022
[/TD] [/TR] [TR] [TD]B
[/TD] [TD]Mining and Quarrying
[/TD] [TD]110,7
[/TD] [TD]
14,8
[/TD] [TD]6,4
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]Manufacturing
[/TD] [TD]98.2
[/TD] [TD]3.2
[/TD] [TD]1,9
[/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food, Beverage and Tobacco Products Industry
[/TD] [TD]95.2
[/TD] [TD]2.5
[/TD] [TD]1,0
[/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, wearing apparel and leather goods
[/TD] [TD]102,1
[/TD] [TD]9,9
[/TD] [TD]10,1
[/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and cork products, except furniture
[/TD] [TD]92,1
[/TD] [TD]0,3
[/TD] [TD]1,5
[/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of paper and paper products and printing
[/TD] [TD]87,8
[/TD] [TD]3,2
[/TD] [TD]-8,2
[/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] [TD]111.0
[/TD] [TD]-4.5
[/TD] [TD]1,4
[/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]97,2
[/TD] [TD]9,2
[/TD] [TD]-0,1
[/TD] [/TR] [TR] [TD]23
[/TD] [TD]Manufacture of other non-metallic mineral products
[/TD] [TD]87,9
[/TD] [TD]-12.8
[/TD] [TD]0.3
[/TD] [/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Production of Basic Metals and Manufacture of Metal Products
[/TD] [TD]107,0
[/TD] [TD]24,0
[/TD] [TD]9,7
[/TD] [/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of electronic and optical products and electrical equipment
[/TD] [/TD] [TD]73,8
[/TD] [TD]13.2
[/TD] [TD]30.9
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, Motor vehicles and other transport equipment
[/TD] [/TD] [TD]104.2
[/TD] [TD]7.6
[/TD] [TD]16.1
[/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]104.9
[/TD] [TD]4.4
[/TD] [TD]-6,8
[/TD] [/TR] [TR] [TD]D
[/TD] [TD]Power Supply
[/TD] [TD]99.9
[/TD] [TD]0,4
[/TD] [/TD] [TD]-1.3
[/TD] [/TR] [TR] [TD]E
[/TD] [TD]Water Supply and Materials Recovery
[/TD] [TD]116,8
[/TD] [TD]
33.8
[/TD] [TD]5.3
[/TD] [/TD] [/TR] [TR] [TD]36
[/TD] [TD]Collection, Water Collection, Treatment and Supply
[/TD] [/TD] [TD]126.6
[/TD] [TD]51.4
[/TD] [TD]9.6
[/TD] [/TR] [TR] [TD]38.3
[/TD] [TD]Materials Recovery
[/TD] [TD]106.2
[/TD] [TD]16.4
[/TD] [TD]0,5
[/TD] [/TR] [TR] [TD]
B+C+D+E
[/TD] [TD]General Index
[/TD] [TD]99.5
[/TD] [TD]4.2
[/TD] [TD]1,7
[/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 has a base year of 2021, 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 is calculated for the various branches of industry as defined in the statistical classification of economic activities NACE Rev.2. The coefficients used for the weighting are derived from the value added production 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 concerning European statistics on enterprises. 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 Service Portal, under Industry, CYSTAT-DB (Database), Predefined Tables (Excel) ) or contact Ms. Elizabeth Zenonos by telephone at 22602187 or at ezinonos@cystat.mof.gov.cy, or Mr. Charalambos Alkiviados by telephone at 22602189 or by e-mail at calkiviadous@cystat.mof.gov.cy .
The data for the base year 2021=100 are available only in the CYSTAT-DB Database.
(MS/NZ)
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