Cyprus industrial turnover index rises 2.6 per cent in June

Cyprus’ Industrial Turnover Index reached 136.6 points in June 2024, with 2021 as the base year set at 100 points.  

According to a report from the Cyprus Statistical Service (Cystat), this marks a 2.6 per cent increase compared to June 2023.  

The first half of 2024 (January to June), the index showed a cumulative rise of 2 per cent compared to the same period in 2023. 

The mining and quarrying sector demonstrated strong growth, with the index reaching 147.1 points, reflecting a 4.3 per cent rise in June 2024 compared to the same month in 2023.  

For the first six months of the year 2024, the sector recorded a robust 13.6 per cent increase. 

In the manufacturing sector, the index stood at 133.8 points in June 2024, marking a 1.5 per cent increase compared to June 2023. Over the January to June period 2024, manufacturing grew by 4.5 per cent.  

The manufacture of food products, beverages, and tobacco products reached 135.0 points, up 2.4 per cent year-on-year in June, and 3.5 per cent year-on-year for the first half of the year.

Similarly, the manufacture of rubber and plastic products saw a 2.1 per cent year-on-year increase in June, with the index reaching 138.9 points, though growth was slower for the January to June period, 2024, at 1.1 per cent year-on-year.

Conversely, the manufacture of textiles, wearing apparel, and leather products dropped by 4.4 per cent year-on-year in June, with the index at 157.4 points, and a 2.1 per cent year-on-year contraction over the first six months of the year 2024.

The manufacture of wood and wood products, excluding furniture, experienced a decline, falling by 11.8 per cent year-on-year in June, although it managed a 4.1 per cent year-on-year increase for the January to June period, 2024.

The most significant decrease was seen in the manufacture of paper, paper products, and printing, which dropped by 14.4 per cent year-on-year in June, with the index at 112.8 points.

This sub-sector has been in steady decline throughout the January to June period, showing a year-on-year drop of 12.8 per cent for the first half of the year 2024.

On the other hand, the manufacture of refined petroleum products, chemicals, and pharmaceuticals saw a year-on-year increase of 5.5 per cent in June, reaching 130.5 points, and a year-on-year rise of 5.4 per cent over the first half of the year.

The manufacture of machinery, motor vehicles, and other transport equipment surged by an impressive 24.4 per cent year-on-year in June, reaching 175.6 points, with a year-on-year increase of 18.5 per cent for the first six months of 2024.

Likewise, the manufacture of electronic and optical products, as well as electrical equipment, posted a strong 14.4 per cent year-on-year rise in June, with the index at 98.4 points.

In addition, this sub-sector recorded a notable 29.7 per cent year-on-year increase for the first six months of 2024.

In other sectors, electricity supply performed steadily, with the index rising by 6.1 per cent year-on-year in June 2024, to 148.6 points.

However, the electricity supply sector faced challenges earlier in the year, leading to a year-on-year decline of 12.3 per cent for the first half of 2024.

In contrast, the water supply and materials recovery sector saw a stronger performance. The index for this sector stood at 138.3 points in June, reflecting a 7.5 per cent year-on-year rise. For the first six months of 2024, the sector grew by 17.6 per cent year-on-year.

Within this sub-sector, water collection, treatment, and supply experienced a 4.7 per cent year-on-year decline in June but showed a strong 21.1 per cent year-on-year increase for the first half of the year 2024.

Finally, materials recovery surged by 30.7 per cent year-on-year in June, contributing to a rise of 13 per cent year-on-year over the January to June period.