KSH: industrial production decreased by 10.4 percent

By: Trademagazin Date: 2024. 05. 15. 12:20

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In March 2024, the volume of industrial production was 10.4%, which, adjusted for the effect of working days, was 2.8% less than a year earlier, the Central Statistics Office (KSH) confirmed in its second estimate released on Wednesday. The reason for the significant difference between the raw and working day adjusted data is that there were three fewer working days this month than in March 2023.

Production fell in all of the manufacturing sub-sectors, with the biggest decline in the production of machines and mechanical equipment. Based on seasonally and working day-adjusted data, industrial output was 3.0 percent lower than in February 2024.
The volume of industrial exports was 12.2 percent lower than a year earlier. Exports of vehicle production, representing 32 percent of manufacturing export sales, fell by 13.5 percent, and the production of electrical equipment, which accounted for 14 percent, fell by 19.4 percent.

The domestic sales of the industry decreased by 7.7 percent, and that of the manufacturing industry by 8.5 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 11.3 percent, that of the energy industry (electricity, gas, steam supply, air conditioning) by 0.6 percent, while the output of the minor mining industry increased by 1.1 percent.