Cyprus Posts EU-High 3.6% Producer Price Jump as Manufacturing Lifts 2024 Industrial Value Added
Updated
Updated · Cyprus Mail · Jul 7
Cyprus Posts EU-High 3.6% Producer Price Jump as Manufacturing Lifts 2024 Industrial Value Added
2 articles · Updated · Cyprus Mail · Jul 7
Summary
Cyprus recorded the EU’s biggest month-on-month rise in industrial producer prices in May, with prices up 3.6% from April, far above the 0.2% increase across both the euro area and the EU.
Eurostat’s data pointed to ongoing cost pressure on manufacturers and other industrial businesses, even as wider euro-area trends were mixed, with intermediate goods prices up 1.4% and energy prices down 1.0% in May.
Cystat separately said Cyprus’ industrial value added rose 3.3% in 2024 to €2.32 billion, while total production edged up 0.1% to €6.95 billion and employment increased 0.5% to 42,800.
Manufacturing drove that growth, with production value up 3.6% to €5.02 billion and value added up 6.8% to €1.75 billion, offsetting declines in electricity, water and waste, and mining and quarrying.
The figures underline how Cyprus’ industrial base remains heavily reliant on manufacturing just as producer-price inflation intensifies pressure on the sector.