Cyprus: Industrial output contracts at record pace in April on Covid-19 hit
June 30, 2020
Industrial production collapsed 35.3% year-on-year in April (March: -11.1% yoy), marking the sharpest drop on record.
Looking at the details of the release, April's drop was largely driven by a plunge in manufacturing output. Furthermore, production also contracted heavily in both the electricity supply, and water supply sub-sectors.
Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.7%, contrasting March's 1.4% increase.
Author: Javier Colato, Economist