KSH: The production of food, beverages and tobacco products, which received 14 percent from the processing industry, was 10.4 percent lower than a year earlier

By: Trademagazin Date: 2024. 02. 13. 12:43

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In December 2023, the volume of industrial production was 13.7 percent lower than a year earlier. Adjusted for the working day effect, production fell by 8.7 percent, the Central Statistical Office (KSH) confirmed in its second estimate released on Tuesday.

The significant difference compared to the raw data is caused by the fact that there were two fewer working days this month than in December 2022, they added.

Production fell in the vast majority of the manufacturing sub-sectors, while the output of only three sub-sectors increased.
Based on seasonally and working day-adjusted data, industrial output was 0.3 percent lower than in November 2023.
In 2023, the volume of industrial production was 5.5 percent lower than in 2022.

Last December, the volume of industrial exports was 12.0 percent lower than a year earlier. Exports of vehicle production, representing 33 percent of manufacturing export sales, decreased by 11.3 percent, and electrical equipment production, which accounted for 13 percent, decreased by 13.9 percent.