Cyprus: Industrial output growth gains steam in May
Industrial output expanded 5.0% year on year in calendar-adjusted terms in May, which was above April’s 2.9% increase. May’s rise was partly driven by faster growth in manufacturing output. In addition, electricity, gas, steam and air conditioning supply production picked up pace.
Meanwhile, annual average industrial production growth rose to 3.0% in May (April: +2.7%), which marked an over one-year high. On a monthly basis, industrial output rose 1.9% in seasonally adjusted terms in May, rebounding from April’s 1.7% fall.