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%.