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Cyprus Industrial production January 2024

Cyprus: Industrial output falls at sharpest rate since April 2023 in January

Industrial production decreased 0.5% year on year in calendar-adjusted terms in January (December: +2.1% c.a. yoy). The figure marked the worst reading since April 2023. The result came on the back of a contraction in manufacturing production. In addition, mining and quarrying production lost pace.

Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.2% in January, down from December’s 1.3% reading. On a monthly basis, factory output dropped 1.4% in seasonally adjusted terms in January, contrasting December’s 0.5% expansion and marking the worst result since March 2023.

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