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Annual Change +5,4%
The Industrial Production Index for October 2023 reached 138,6 points (base 2015=100), an increase of 5.4% compared to October 2022. In the period January-October 2023, the index showed an increase of 2.1% compared to the same period of the previous year.
The manufacturing sector saw an increase of 4.6% compared to October 2022. Increases were also recorded in water supply and materials recovery (+24.7%), mining and quarrying (+14.2%) and electricity supply (+3.6%).
In the manufacturing sector, the most significant positive changes, compared to October 2022, occurred in the following economic activities: manufacture of electronic and optical products and electrical equipment (+66.5%); manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (+17.2%); manufacture of textiles, clothing and leather goods (+12.0%); manufacture of machinery and equipment, motor vehicles and other transport equipment (+10.9%); and manufacture of paper and paper products and printing (+10.5%). The only activities with negative changes were the manufacture of other non-metallic mineral products (-6.7%), manufacture of furniture and repair/installation of machinery and equipment (-5.1%) and manufacture of rubber and plastic products (-1.4%).
Comparing the rates of change for the period January - October 2023 with the same period of the previous year, the most significant increases are observed in the manufacture of electronic and optical products and electrical equipment (+28.1%), in the manufacture of machinery and equipment, motor vehicles and other transport equipment (+12.2%), textiles, wearing apparel and leather goods (+9.9%), basic metals and fabricated metal products (+9.3%), materials recovery (+8.2%) and mining and quarrying (+7.4%). The only activities in which there were decreases in output, compared to the January-October 2022 period, were those of manufacture of furniture and repair/installation of machinery and equipment (-8.2%), electricity supply (-2.2%) and manufacture of rubber and plastic products (-0.7%).
| Table |
[TR] [TD]
Code
(NACE
Rev. 2)
[/TD] [/TD] [TD]
Economic Activity
[/TD] [TD]Index (2015=100)
[/TD] [TD]Percentage Change (%)
[/TD] [/TD] [/TR] [TR] [TD]Oct
2023
[/TD] [TD]Oct
2023/2022
[/TD] [TD]Jan-Oct
2023/2022
[/TD] [/TD] [/TR] [TR] [TD]B
[/TD] [TD]METALS AND STORAGE
[/TD] [TD]251,4
[/TD] [/TD] [TD]14,2
[/TD] [TD]7,4
[/TD] [/TR] [TR] [TD]C
[/TD] [TD]METABOLISM
[/TD] [TD]146,7
[/TD] [TD]
4,6
[/TD] [TD]3,1
[/TD] [/TD] [/TR] [TR] [TD]10+11+12
[/TD] [TD]Food industry, Beverages and Tobacco Products
[/TD] [/TD] [TD]127,1
[/TD] [TD]2,3
[/TD] [TD]2,3
[/TD] [/TR] [TR] [TD]13+14+15
[/TD] [TD]Manufacture of textiles, Clothing and leather goods
[/TD] [/TD] [TD]170.8
[/TD] [TD]12.0
[/TD] [TD]9.9
[/TD] [/TR] [TR] [TD]16
[/TD] [TD]Manufacture of wood and articles of wood and cork, except furniture
[/TD] [/TD] [TD]137,2
[/TD] [TD]5,4
[/TD] [TD]2,0
[/TD] [/TR] [TR] [TD]17+18
[/TD] [TD]Manufacture of paper and paper products and printing
[/TD] [TD]95,0
[/TD] [TD]10.5
[/TD] [TD]2.1
[/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]158,4
[/TD] [TD]17,2
[/TD] [TD]3,2
[/TD] [/TR] [TR] [TD]22
[/TD] [TD]Manufacture of rubber and plastic products
[/TD] [TD]134,1
[/TD] [TD]-1.4
[/TD] [TD]-0,7
[/TD] [/TR] [TR] [TD]23
[/TD] [TD]Manufacture of other non-metallic mineral products
[/TD] [TD]185,3
[/TD] [TD]-6,7
[/TD] [TD]3,9
[/TD] [/TR] [TR] [TD]24+25
[/TD] [TD]Production of Base Metals and Manufacture of Metal Products
[/TD] [TD]183.7
[/TD] [TD]4.9
[/TD] [TD]9,3
[/TD] [/TR] [TR] [TD]26+27
[/TD] [TD]Manufacture of electronic and optical products and electrical equipment
[/TD] [TD]139.9
[/TD] [TD]66.5
[/TD] [TD]28,1
[/TD] [/TD] [/TR] [TR] [TD]28+29+30
[/TD] [TD]Manufacture of machinery and equipment, motor vehicles and other transport equipment
[/TD] [/TD] [TD]148,1
[/TD] [TD]10.9
[/TD] [TD]12.2
[/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]163,2
[/TD] [TD]-5.1
[/TD] [TD]-8.2
[/TD] [/TD] [/TR] [TR] [TD]
D
[/TD] [TD]ELECTRICITY SUPPLY
[/TD] [TD]104,1
[/TD] [TD]
3,6
[/TD] [TD]-2,2
[/TD] [/TR] [TR] [TD]E
[/TD] [TD]WATER SUPPLY AND MATERIALS RECOVERY
[/TD] [TD]169.4
[/TD] [TD]24,7
[/TD] [TD]5,7
[/TD] [/TR] [TR] [TD]36
[/TD] [TD]Collection, Water Collection, Treatment and Supply
[/TD] [/TD] [TD]175.1
[/TD] [TD]27.8
[/TD] [TD]5.0
[/TD] [/TR] [TR] [TD]38.3
[/TD] [TD]Materials Recovery
[/TD] [TD]153.2
[/TD] [TD]16.0
[/TD] [TD]8,2
[/TD] [/TR] [TR] [TD]
B+C+D+E
[/TD] [TD]GENERAL FACTOR
[/TD] [TD]138.6
[/TD] [TD]5.4
[/TD] [TD]2,1
[/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 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 has a base year of 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 coefficients used for the weighting are derived from the production value added of enterprises in the base year (2015) 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, CYSTAT-DB (Database), Predefined Tables (Excel) or contact Ms. Elizabeth Zenonos at 22602187 or at ezinonos@cystat.mof.gov.cy, or Mr. Charalambos Alkiviados at 22602189 or at calkiviadous@cystat.mof.gov.cy.
The Predefined Tables in Excel format include data up to December 2022. For January 2023 and thereafter, the update is done only in the CYSTAT-DB Database.
(SG/NG)
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