Cyprus Industrial production May 2020


Cyprus: Plunge in industrial activity softens in May

July 30, 2020

Industrial production declined 14.9% year-on-year in May, less than April’s 35.3% plunge which had marked the steepest drop on record. May’s softer fall reflected weaker contractions across all the major sectors.

Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.0% in May, down from April's minus 1.6% reading.

FocusEconomics Consensus Forecast participants see fixed investment plunging 8.5% in 2020, which is up 1.2 percentage points from last month’s estimate, and growing 9.3% in 2021.


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Cyprus Industrial production Chart

Cyprus Industry May 20 20

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

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