Cyprus: Industrial output contracts in March
Annual working day-adjusted industrial production contracted 0.7% in March, contrasting February’s revised 5.8% expansion (previously reported: +5.5%), according to Statistics Cyprus. March’s print reflected a downturn in the manufacturing sector, a sharper fall in water supply, and somewhat softer growth in the electricity supply sector. Within the manufacturing sector, the strongest drops were recorded in the production of rubber and plastic products, and of paper products.
Meanwhile, the annual average growth in industrial production dropped from 7.3% in February to 6.8% in March.