ARTICLE
10 February 2023

Industrial Production Index: November 2022

Ki
KPMG in Cyprus

Contributor

KPMG has been operating in Cyprus since 1948 and currently employs more than 800 professionals working from 6 offices across the island. It is a member of KPMG International Limited, a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG operates in 143 countries and territories and has approximately 273,000 people working in member firms around the world. Clients look to KPMG for a consistent standard of service based on high-order professional capabilities, industry insight, local knowledge and expertise.
In November 2022, the industrial production Index reached 131,8 units (base 2015=100), recording an increase of 1,9% compared to November 2021.
Cyprus Strategy

In November 2022, the industrial production Index reached 131,8 units (base 2015=100), recording an increase of 1,9% compared to November 2021. For the period January – November 2022, the index recorded an increase of 1,7% compared to the corresponding period of the previous year.

The manufacturing sector registered an increase of 3,3% compared to November 2021. An increase was also observed in the sector of mining and quarrying (+8,5%). Negative changes were observed in the sectors of water supply and materials recovery (-5,1%) and electricity supply (-4,3%).

In the manufacturing sector, the most significant positive changes compared to November 2021 were observed in the manufacturing of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (+29,6%), textiles, wearing apparel and leather products (+14,8%) and the manufacturing of furniture and repair/installation of machinery and equipment (+8,6%). The most significant negative changes were observed in the manufacturing of electronic, optical products and electrical equipment (-45,3%) and the manufacturing of basic metals and fabricated metal products (-8,5%).

Comparing the rates of change for the period January – November 2022 against the corresponding period of the previous year, the most significant positive changes were observed in the economic activities of: manufacturing of textiles, wearing apparel and leather products (+26,3%), manufacturing of furniture and repair/installation of machinery and equipment (+18,2%), water collection, treatment and supply (+9,6%) and the manufacturing of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (+7,5%). The most significant negative changes where a decrease in production was observed compared to the period January – November 2021 were those relating to the manufacturing of electronic and optical products and electrical equipment (-43,5%), basic metals and fabricated metal products (-6,0%) and the manufacturing of wood and products of wood and cork, except furniture (-5,3%).

Source:Cystat

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