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The Industrial Production Index for May 2023 reached 141.6 points (base 2015=100), an increase of 3.0% compared to May 2022. In the period January to May 2023, the index showed an increase of 0.7% compared to the same period last year.
The manufacturing sector recorded an increase of 4.7% compared to May 2022. Increases were also recorded in water supply and materials recovery (+12.2%) and mining and quarrying (+4.8%). A negative change was recorded in electricity supply (-8.2%).
In the manufacturing sector, the most significant positive changes compared to May 2022 occurred in the following economic activities: basic metals and fabricated metal products (+19.5%), textiles, wearing apparel and leather goods (+17.5%) and manufacture of machinery and equipment, motor vehicles and other transport equipment (+11.7%). Negative changes were observed in the manufacture of furniture and repair/installation of machinery and equipment (-7.7%) and the manufacture of refined petroleum products, chemicals and chemical products and pharmaceuticals and pharmaceutical preparations (-1.4%).
Comparing the rates of change for the period January-May 2023 with the corresponding period of the previous year, the most significant increases are observed in the recovery of materials (+17.9%), in the production of textiles, clothing and leather goods (+17.8%), in the production of basic metals and fabricated metal products (+10.9%), in mining and quarrying (+8.1%) and in the manufacture of other non-metallic mineral products (+7.6%). The activities that saw the most significant decreases in output compared to the January-May 2022 period were those of electricity supply (-11.5%), manufacture of furniture and repair/installation of machinery and equipment (-6.8%) and water collection, treatment and supply (-6.5%).
| Table |
[TR] [TD]
Code (NACE Rev. 2)
[/TD] [TD]Economic Activity
[/TD] [TD]Index (2015=100)
[/TD] [TD]Percentage Change (%)
[/TD] [/TD] [/TR] [TR] [TD]
May 2023
[/TD] [TD]
May 2023/ May 2022
[/TD] [/TD] [TD]Jan-May 2023/Jan-May 2022
[/TD] [/TD] [/TR] [TR] [TD]
B
[/TD] [TD]
METALS AND STORAGE
[/TD] [TD]236,4
[/TD] [TD]
4,8
[/TD] [TD]8,1
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]TRANSFORMATION
[/TD] [TD]159.0
[/TD] [TD]4.7
[/TD] [TD]3,7
[/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food, Beverage and Tobacco Products Industry
[/TD] [TD]144,8
[/TD] [TD]4,8
[/TD] [TD]4,0
[/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, wearing apparel and leather goods
[/TD] [TD]203.9
[/TD] [TD]17.5
[/TD] [TD]17,8
[/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and cork products, except furniture
[/TD] [TD]140.2
[/TD] [TD]6.2
[/TD] [TD]-1,8
[/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of paper and paper products and printing
[/TD] [TD]102,9
[/TD] [TD]5,6
[/TD] [TD]4,8
[/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]152.8
[/TD] [TD]-1.4
[/TD] [TD]3,2
[/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]164,4
[/TD] [TD]6,8
[/TD] [TD]3,3
[/TD] [/TR] [TR] [TD]23
[/TD] [TD]Manufacture of other non-metallic mineral products
[/TD] [TD]205,1
[/TD] [TD]7,2
[/TD] [TD]7,6
[/TD] [/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Production of Basic Metals and Manufacture of Metal Products
[/TD] [TD]200,1
[/TD] [TD]19.5
[/TD] [TD]10.9
[/TD] [/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of electronic and optical products and electrical equipment
[/TD] [/TD] [TD]97,5
[/TD] [TD]6,3
[/TD] [TD]-2,4
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, Motor vehicles and other transport equipment
[/TD] [/TD] [TD]157.4
[/TD] [TD]11.7
[/TD] [TD]6.0
[/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]189.2
[/TD] [TD]-7.7
[/TD] [TD]-6,8
[/TD] [/TR] [TR] [TD]
D
[/TD] [TD]ELECTRICITY SUPPLY
[/TD] [TD]84.2
[/TD] [TD]-8,2
[/TD] [TD]
-11.5
[/TD] [/TR] [TR] [TD]E
[/TD] [TD]WATER SUPPLY AND MATERIALS RECOVERY
[/TD] [TD]146,2
[/TD] [TD]
12,2
[/TD] [TD]-0,7
[/TD] [/TD] [/TR] [TR] [TD]36
[/TD] [TD]Collection, Water Collection, Treatment and Supply
[/TD] [/TD] [TD]143.2
[/TD] [TD]8.4
[/TD] [TD]-6.5
[/TD] [/TR] [TR] [TD]38.3
[/TD] [TD]Materials Recovery
[/TD] [TD]154.8
[/TD] [TD]23.7
[/TD] [TD]17,9
[/TD] [/TR] [TR] [TD]
B+C+D+E
[/TD] [TD]GENERAL FIGURE
[/TD] [TD]141.6
[/TD] [TD]3.0
[/TD] [TD]0,7
[/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 is carried out by the Statistical Office, either by telephone interviews, fax or e-mail. Collection begins 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.
Calculation Method and Publication Practices
The Industrial Production Index is based on 2015, i.e. it shows the monthly change in production compared 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, interested parties can visit the Statistical Office Portal, under Industry, CYSTAT-DB (Database), Predefined Tables (Excel) or contact Ms. Elizabeth Zenonos at tel. 22602187 or at ezinonos@cystat.mof.gov.cy, and Mr. Charalambos Alkiviados at tel. 22602189 or at calkiviadous@cystat.mof.gov.cy
Note that 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.
(MB/EXP)
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