KSH: Industrial production fell by 8.3 percent in April

By: Trademagazin Date: 2023. 06. 14. 12:25

In April 2023, the volume of industrial production was 8.3 percent lower than a year earlier; adjusted for the working day effect, production decreased by 5.8 percent – the Central Statistical Office (KSH) confirmed on Wednesday based on its second estimate.

A decrease was measured in the vast majority of the manufacturing sub-sectors, but at the same time, the volume of production increased in the production of the heaviest vehicles and in the production of electrical equipment. Based on seasonally and working day-adjusted data, industrial output was 2.5 percent lower than in March 2023. Compared to the April data published in the first estimate, the data of the second estimate did not change.

The volume of industrial exports was 2.5 percent lower than a year earlier. Exports of vehicle production, representing 32 percent of manufacturing export sales, increased by 11.3 percent, and the production of electrical equipment, which accounted for 15 percent, increased by 28 percent.

The domestic sales of industry fell by 20 percent, and that of the manufacturing industry by 15.8 percent compared to the same month of the previous year.

The production of the manufacturing industry, which represents a decisive weight within the industry (95 percent), decreased by 7.3 percent, that of the minor mining industry by 31 percent, and that of the energy industry (electricity, gas, steam supply, air conditioning) by 24 percent.

Vehicle production, which has the largest weight and represents 25 percent of manufacturing production, expanded by 10.5 percent compared to the same month of the previous year. The production of road vehicles increased by 7.4 percent and the production of road vehicle components by 13.9 percent.