Cyprus: Industrial output growth moderates in October
Industrial output grew 1.8% year on year in calendar-adjusted terms in October, which was a deterioration from September’s 3.7% increase. October’s reading was largely due to a fall in manufacturing output growth. In contrast, electricity, gas, steam and air conditioning supply output picked up pace.
Meanwhile, annual average industrial production growth rose to 1.6% in October (September: +1.2%), signaling an improving trend in the industrial sector. On a monthly basis, factory output declined 1.0% in seasonally adjusted terms in October, which was below September’s 0.1% fall and marked the worst result since March.