Industrial production index up 3% in August

Industrial production continued on an upward trajectory in August, increasing by 3% in to 121.8 points (base year 2015=100) compared to August 2022, according to Cystat.

This marks the fourth consecutive month of growth in the Index, and from the beginning of the year until August, the Index has increased by 0.7% compared to the same period in the previous year.

The manufacturing sector recorded a 2.3% increase compared to August 2022. Mining and quarrying also showed substantial growth at 5.7%, while electricity supply and water supply and materials recovery followed positive trends by 4.6% and 4.5%, respectively.

Comparing the rates of change for the period January – August 2023 against the corresponding period of the previous year, the most significant positive changes were observed in the manufacturing of textiles, wearing apparel and leather products (+14.6%), the manufacturing of machinery and equipment, motor vehicles and other transport equipment (+14.2%), the manufacturing of electronic and optical products and electrical equipment (+13.1%) and the manufacturing of basic metals and fabricated metal products (+12.3%).

However, the manufacturing of furniture and repair/installation of machinery and equipment experienced a 6.8% decrease in production, while the manufacturing of paper and paper products and printing recorded a 4.3% reduction.

In the manufacturing sector, the most significant positive changes compared to August 2022 were observed in the manufacturing of electronic and optical products and electrical equipment (+20.7%), machinery and equipment, motor vehicles and other transport equipment (+17.7%), wood and products of wood and cork, except furniture (+15.9%), textiles, wearing apparel and leather products (+13.7%), basic metals and fabricated metal products (+11.4%) and food products, beverages and tobacco products (+2.4%).

Negative changes were observed in the manufacturing of furniture and repair/installation of machinery and equipment (-6.8%) and the manufacturing paper and paper products and printing (-4.3%).