Cyprus: Industrial activity falls at sharpest pace since February 2021 in July
Industrial output decreased 0.5% year on year in July (June: +1.7% yoy). The outturn marked the lowest reading since February 2021. July’s weakening was partly driven by electricity production swinging into a steep contraction. Additionally, mining output contracted at a sharper pace. Lastly, growth in manufacturing production slowed.
Consequently, the trend pointed down, with the annual average growth of industrial production coming in at 3.4% in July, down from June’s 4.0% reading.