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%.