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In February 2021, the Industrial Production Index reached 116,2 units (base 2015=100), recording a decrease of 7,6% compared to February 2020. For the period January – February 2021, the index recorded a decrease of 7,1% compared to the corresponding period of the previous year.

The manufacturing sector registered a decrease of 6,0% compared to February 2020. Declines were also observed in the sectors of electricity supply (-15,2%) and water supply and materials recovery (-2,8%). The mining and quarrying sector recorded an increase of 2,2% compared to February 2020.

In the manufacturing sector, decreases have been recorded in most economic activities compared to February 2020. The most significant negative changes were observed in the manufacturing of paper products and printing (-23,3%), wood and wood products (-21,7%), textiles, wearing apparel and leather products (-19,0%), machinery, motor vehicles and other transport equipment (-9,5%) and food products, beverages and tobacco products (-7,6%). The only positive changes were observed in the manufacturing of rubber and plastic products (+9,4%) and electronic, optical products and electrical equipment (+9,3%).

Comparing the rates of change for the period January – February 2021 against the corresponding period of the previous year, decreases are observed in most economic activities, with the most significant ones relating to the manufacturing of: paper, paper products and printing (-25,7%), textiles, wearing apparel and leather products (-22,3%), furniture and repair/installation of machinery and equipment (-18,5%), wood and wood products (-17,6%) and electricity supply (-12,1%). The only economic activities where an increase in production was observed compared to the period January – February 2020 were those relating to the manufacturing of non-metallic mineral products (+13,3%), electronic, optical products and electrical equipment (+10,0%) and rubber and plastic products (+5,0%).

Methodological Information

Scope

The Industrial Production Index reflects the monthly changes of the volume of production in the sectors of mining and quarrying, manufacturing, electricity supply, water supply and materials recovery, that is, sections B, C, D and E of the statistical classification of economic activities NACE Rev. 2 of the European Union. The index does not include sewerage, waste collection, treatment and disposal and remediation activities, which are codes 37, 38.1, 38.2 and 39 of section E.

Data collection

The collection of data is conducted by the Statistical Service by telephone enquiries, fax or e-mail. The data collection process starts five to ten days after the end of the reference period and is normally completed within a month and a half. The mining and quarrying sector covers all major quarrying products but not the support activities for the extraction of natural gas. For manufacturing, all enterprises with production value 1.700.000 Euros and over or with 20 or more employees are included in the survey and a sample is selected from enterprises employing less than 20 persons. The Electricity Authority of Cyprus provides production data, while data are also collected from water distribution and desalination enterprises.

Compilation methods and dissemination practices

The Industrial Production Index is using 2015 as base year, meaning that it shows the monthly changes in production in relation with the monthly average production of the year 2015. In the base year, the average of the production indices for the twelve months is 100,0. For example, a monthly production index of 103,4 means that the production for the specific month has increased by 3,4% in relation to the monthly average production of 2015.

The aggregated Index of Industrial Production is a weighted average of the production indices of the various sub-sectors of Industry, as determined in the statistical classification of economic activities NACE Rev. 2. The weights used for the compilation of the index are derived from the value added of the enterprises in the base year (2015) and reflect the value added of each sub-sector in relation to the total value added of the Industrial sector.

The compilation of the Industrial Production Index follows the provisions of Council Regulation (EC) No 1165/98 concerning short-term statistics. In addition to gross data, both seasonally and working day adjusted data are transmitted every month to the Statistical Office of the European Union (Eurostat). The Index is published at national level only in its gross form.

For more information:

Website of the Statistical Service, subtheme Industry

Contact

Constantinos Nicolaou: Tel: +35722605131, E-mail: cnicolaou@cystat.mof.gov.cy

(IK/SCH)