Industrial Production Index down by 2.7% in March

Industrial Production Index recorded an annual drop of 2.7% in March 2023 mainly due to a massive decrease in the electricity supply sector (-28.9%).

According to data issued by the Statistical Service, Industrial Production Index reached in March 2023, 132.2 units (base 2015=100), recording a decrease of 2.7% compared to March 2022. For the period January – March 2023, the index recorded a decrease of 0.6% compared to the corresponding period of the previous year

The manufacturing sector registered an increase of 4.0% compared to March 2022. An increase was also observed in the sectors of mining and quarrying (+15.8%) and water supply and materials recovery (+1.4%). A negative change was observed in the electricity supply sector (-28.9%). In the manufacturing sector, the most significant positive changes compared to March 2022 were observed in the manufacturing of other non-metallic mineral products (+9.2%), rubber and plastic products (+9.0%), basic metals and fabricated metal products (+9.0%), textiles, wearing apparel and leather products (+8.7%) and refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (+8.3%).

Negative changes were observed in the manufacturing of electronic, optical products, and electrical equipment (-14.6%) and the manufacture of furniture and repair/installation of machinery and equipment (-12.9%).

Comparing the rates of change for the period January – March 2023 with the corresponding period of the previous year, the most significant positive changes were observed in materials recovery (+22.3%), mining and quarrying (+12,4%), manufacturing of other non-metallic mineral products (+10.8%), manufacturing of textiles, wearing apparel and leather products (+10.7%) and manufacturing of food products, beverages and tobacco products (+6.6%).

The most significant negative changes where a decrease in production was observed compared to the period January – March 2022 were those relating to the manufacturing of electronic and optical products and electrical equipment (-20.9%), electricity supply (-16.1%), and water collection, treatment and supply (-12.4%).

The Industrial Production Index reflects the monthly changes in the volume of production in the sectors of mining and quarrying, manufacturing, electricity supply, water supply, and materials recovery, that is, sections B, C, D, and E of the statistical classification of economic activities NACE Rev. 2 of the European Union.

Data collection is conducted by the Statistical Service by telephone inquiries, fax, or e-mail.

The compilation of the Industrial Production Index follows the provisions of Regulation (EU) 2019/2152 on European business statistics. In addition to gross data, both seasonally and working day-adjusted data are transmitted every month to the Statistical Office of the European Union (Eurostat). The Index is published at a national level only in its gross form.

(Source: CNA)