Cyprus Industrial production January 2021

Cyprus

Cyprus: Industrial output tumbles in January

April 9, 2021

Industrial production dived 6.7% year-on-year in January, contrasting December’s 1.9% expansion and logging the worst reading in five months. January’s slump was largely driven by tumbling manufacturing output, which swung back to contraction. Moreover, electricity supply production slid at a sharper rate, while mining and quarrying output growth eased notably.

Lastly, the trend deteriorated, with the annual average variation of industrial production coming in at minus 7.9% in January, down from December 2020’s minus 7.5%.

FocusEconomics Consensus Forecast participants see fixed investment increasing 5.3% in 2021, which is down 3.3 percentage points 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 January 2021

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


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