Cyprus: Industrial output growth eases in May
Industrial output rose 11.7% compared to the same month a year earlier in May, which was a marked deterioration from April’s 56.0% increase. May’s result largely reflected a less favorable base effect, however. Looking at the details of the press release, May’s softer growth was broad-based with the manufacturing, mining and quarrying, electricity supply and water supply subsectors all expanding at a weaker rate.
Meanwhile, the trend improved, with the annual average growth of industrial production coming in at plus 3.1%, up from April’s 0.7% reading.