CYPRadar 🇨🇾💰 Cyprus Industrial Sector Sees Modest Employment Growth and Increased Value Added in 2024
Cyprus' industrial sector experienced a slight rise in employment and value added in 2024, with manufacturing driving the sector's growth, the Cyprus Statistical Service (Cystat) reported. Employment grew by 0.5%, reaching 42,800 workers, while total industrial production value edged up marginally to €6.95 billion. Manufacturing led the gains with a 3.6% increase in production value to €5.02 billion and a 6.8% rise in value added to €1.75 billion.
Other industrial sectors faced declines; mining and quarrying, electricity supply, and water supply, sewerage, and waste management all recorded drops in production value. Despite this, value added in electricity supply saw a modest rise of 1.9%. Overall, the industrial sector's value added increased by 3.3% to €2.32 billion, highlighting manufacturing's role in offsetting weaker performances elsewhere.
The report also noted rising industrial producer prices in Cyprus, with a 3.6% month-on-month increase in May 2026, the highest in the EU. This sharp increase points to ongoing cost pressures faced by manufacturers amid mixed price trends in the wider European industrial landscape.
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