The industrial turnover index in Cyprus fell by 3.4 per cent in August 2025, standing at 115.2 units, according to the latest data from the Cyprus Statistical Service (Cystat). This decline marks a notable shift from the previous year, as the country grapples with fluctuations in various sectors.
Mixed Outcomes Across Different Sectors
While the overall industrial turnover has decreased, the January to August 2025 period shows a 4 per cent increase compared with the same timeframe in 2024. Specifically, the manufacturing sector reported an index of 105.0 units, reflecting a modest annual growth of 1.2 per cent.
Highlights from Manufacturing
Within manufacturing, some categories have thrived. The production of wood and cork products surged by 18.4 per cent, and machinery, motor vehicles, and other transport equipment saw a 13.3 per cent rise. Additionally, the manufacture of refined petroleum, as well as chemical and pharmaceutical products, increased by 6 per cent. Basic metals and fabricated metal products also experienced growth, with a rise of 3.5 per cent.
Challenges in Other Manufacturing Areas
Conversely, significant declines were noted in several manufacturing segments. The textiles, wearing apparel, and leather products sector faced an 18 per cent drop, while electronic and optical products, along with electrical equipment, saw a decrease of 13.4 per cent. Other areas such as paper, printing, and related products experienced a downturn of 9.7 per cent, and furniture manufacturing fell by 9.4 per cent.
Mining and Energy Sectors Struggle
In the mining and quarrying sector, there was a 2.1 per cent increase in August. However, electricity supply and water supply faced challenges, with declines of 15.7 per cent and 1.3 per cent, respectively. This mixed performance highlights the complexities within the industrial landscape of Cyprus.
Market Performance Insights
When examining market segments, the local market turnover decreased by 4.2 per cent, contrasting with a 1.9 per cent increase in the export market relative to August 2024. This divergence suggests that while local demand may be waning, opportunities in international markets may be stabilising.
Understanding the Industrial Turnover Index
Cystat’s industrial turnover index reflects changes in turnover across mining, quarrying, manufacturing, electricity supply, water supply, and materials recovery. Notably, this index excludes sewerage and waste collection activities and is calculated based on main industrial groupings, including intermediate goods and durable consumer goods.
Methodology Behind the Data
The index utilises 2021 as its base year, indicating that a turnover index of 112.4 signifies a 12.4 per cent increase compared to the average turnover of 2021. Data collection occurs via telephone and email, typically commencing five to ten days post-reference period and concluding within two months. Cystat covers all enterprises with a turnover of €2 million or more or those employing 20 or more individuals, while smaller enterprises are sampled.
