Cyprus: Industrial output records largest contraction in two years in March
Industrial output dropped 2.6% year on year in March (February: +0.8% yoy). The result marked the worst reading since February 2021. Looking at the details of the release, electricity supply output swung to contraction. That said, manufacturing production and water supply output gained traction in March.
Meanwhile, annual average industrial production growth fell to 0.1% in March (February: +0.9%). This signals a worsening trend in the industrial sector.