KSH: industrial production fell by 9.5 percent in August

By: Trademagazin Date: 2024. 10. 15. 12:34

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In August 2024, the volume of industrial production was 9.5 percent, or 4.1 percent less than a year earlier, adjusted for the working day effect. The significant difference compared to the raw data is caused by the fact that there were two fewer working days this month than in August 2023 – the Central Statistical Office (KSH) confirmed in its second estimate released on Tuesday.

Among the manufacturing sub-sectors, production increased in three and fell in ten.

Based on seasonally and working day-adjusted data, industrial output decreased by 0.5 percent compared to July 2024.

In August, the volume of industrial exports was 6.3 percent lower than a year earlier. The export of vehicle production, which represents 30 percent of manufacturing export sales, fell by 14.0 percent, and the production of electrical equipment, which accounted for 15 percent, fell by 11.3 percent.

The domestic sales of the industry decreased by 7.3 percent, and that of the manufacturing industry by 10.6 percent compared to the same month of the previous year.

The production of the processing industry, which represents a decisive weight within the industry (94 percent), was 10.2 percent lower, while the output of the minor mining industry was 10.6 percent, and that of the energy industry (electricity, gas, steam supply, air conditioning) was 6.2 percent higher.

The volume of vehicle production, which has the largest weight and represents 23 percent of manufacturing production, fell by 12.4 percent compared to the same month of the previous year. The production of road vehicles decreased by 16.5 percent, and the production of road vehicle components by 8.8 percent.

The production of electrical equipment, which accounted for 11 percent of the manufacturing industry, was 15.7 percent lower than a year earlier. Among the two most significant sub-sectors, the volume of production of batteries and dry cells fell by 24.0 percent, and that of electric motors, power generators, distribution and control devices by 15.0 percent.