Cyprus Industrial production March 2021

Cyprus

Cyprus: Industrial output rises to over two-year high in March

May 28, 2021

Industrial production bounced back notably in March, expanding 8.3% in annual terms, contrasting February’s 8.1% decline and logging the best reading in more than two years. However, the result was flattered by a low base effect. March’s upturn reflected a broad-based improvement: Electricity and water supply output, as well as manufacturing production all bounced back in March. Meanwhile, mining and quarrying output grew robustly.

Accoridngly, the trend improved, with the annual average variation of industrial production coming in at minus 7.3% in March, down from February’s minus 8.9%.

FocusEconomics Consensus Forecast participants see fixed investment increasing 5.3% in 2021, which is unchanged 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 March 2021

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


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