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Financial News: Cyprus Industrial Production Declines In March

Cyprus Industrial Production Declines In March

05/30/2019 - 08:35:00 (RTTNews)

(RTTNews) - Cyprus industrial production declined in March on weak mining and manufacturing output, the Statistical Service of the Republic of Cyprus reported Thursday.

Industrial output decreased 0.7 percent year-on-year in March, reversing the 5.8 percent increase in February.

Mining and quarrying output declined 6.6 percent and manufacturing contracted 2.2 percent. Meanwhile, electricity output expanded 8 percent.

In the first quarter, industrial production logged an annual growth of 4 percent.

Another report the statistical office showed that the unemployment rate declined to 8.8 percent in the first quarter from 10.7 percent in the same period of last year.

The jobless rate among youth aged between 15 and 24 came in at 19.8 percent compared to 25.3 percent a year ago.

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