Cyprus Industry March 2020


Cyprus: Industrial production falls at sharpest rate in over six years in March

May 28, 2020

Industrial output plummeted 12.7% year-on-year in March (February: +3.8% yoy), marking the steepest drop since November 2013. March's plunge was primarily driven by heavy drops in manufacturing and water supply production.

Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.1% in March, down from February's 2.2%.

FocusEconomics Consensus Forecast participants see fixed investment plunging 12.5% in 2020, which is up 3.8 percentage points from last month’s estimate, and growing 10.5% in 2021.


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Cyprus Industry Chart

Cyprus Industry March 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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