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Cyprus Industrial Turnover Falls Further

8/20/2013 6:47 AM ET

Cyprus' industrial turnover declined at a faster rate in May, driven by a slump in domestic sales, data released by the Statistical Service showed on Tuesday.

Overall industrial turnover dropped 12.8 percent year-on-year, following a 5.5 percent fall in April. Sales slid for the seventh month in a row.

Factory sales were lower by 11.3 percent compared to a year ago, while turnover in the mining and quarrying sector shrunk 49.2 percent.

Local sales decreased 15.7 percent annually, after a 9.7 percent drop in the previous month. Meanwhile, sales in the export market rose 4.9 percent, which was much slower than the 20.2 percent growth registered in April.

by RTT Staff Writer

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