Industrial production in Cyprus decreased 0.3 percent year-on-year in April of 2019, following an upwardly revised 1.5 percent fall in the previous month. Water supply production declined faster (-17 percent from -7 percent in March) while electricity output dropped (-1.1 percent from 8 percent). On the other hand, output rebounded for manufacturing (0.5 percent from -3.3 percent), namely food, beverages & tobacco (5.6 percent from -4 percent); paper & paper products (4.5 percent from -9.3 percent); wood & products of wood and cork (5 percent from -1.2 percent); basic metals (7.7 percent from -2.7 percent); machinery & equipment (8.5 percent from -1 percent) and furniture (1.4 percent from -0.8 percent); and mining & quarrying (16.1 percent from -6.7 percent). Industrial Production in Cyprus averaged 0.53 percent from 2000 until 2019, reaching an all time high of 16.50 percent in April of 2002 and a record low of -18.70 percent in December of 2012.
Industrial Production in Cyprus is expected to be 5.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Cyprus to stand at 5.50 in 12 months time. In the long-term, the Cyprus Industrial Production is projected to trend around 6.00 percent in 2020, according to our econometric models.