Cyprus Industrial production February 2021


Cyprus: Industrial activity records largest contraction in six months in February

April 28, 2021

Industrial production declined 7.6% in annual terms in February, dropping at the sharpest rate in six months (January: -6.7% yoy). Looking at the details of the release, a more pronounced decline in electricity supply output were largely behind February’s downturn.

Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 8.9% in February, down from January's minus 7.9% reading.

FocusEconomics Consensus Forecast participants see fixed investment increasing 5.3% in 2021, which is down 3.3 percentage points from last month’s estimate. For 2022 our panel sees fixed investment softening 4.1%.


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Cyprus Industrial production Chart

Cyprus Industry February 2021 0

Note: Year-on-year changes and annual average variation of industrial production in %.
Source: Statistics Cyprus and FocusEconomics calculations.

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