Cyprus: Industrial output contracts more sharply in October
Industrial output contracted 5.3% compared to the same month of the previous year in October, following September’s 2.9% decrease. Looking at the details of the release, October’s sharper drop was largely attributed to a more pronounced decline in manufacturing production. Moreover, electricity supply output swung to contraction in October.
Accordingly, the trend deteriorated further, with the annual average variation of industrial production coming in at minus 7.3%, down from September’s minus 6.7%.