Industrial production up nearly 4% YoY in Q1

The IP for sewerage, waste management, and remediation activities grew 0.3%.

The market’s industrial production (IP) grew 3.9% in the first quarter of 2023, compared to the year-on-year decrease of 0.1% in the fourth quarter of 2022, the Census and Statistics Department (C&SD) data showed.

The corresponding producer price index increased by 1.0% in the first quarter of 2023 compared with a year earlier, as against a year-on-year decrease of 0.3% in the fourth quarter of 2022, said C&SD.

The index of industrial production for sewerage, waste management and remediation activities also increased in Q1 2023 compared with a year earlier, as against a year-on-year decrease of 1.8% in the fourth quarter of 2022. 

The corresponding producer price index fell by 1.1% in Q1 2023 compared with a year earlier, following a year-on-year decrease of 1.8% Q4 2022.

“Indices of industrial production reflect changes in the volume of local industrial output after discounting the effect of price changes. The price changes are measured by the producer price indices compiled from data on producer prices of selected industrial goods/services collected in the same survey,” read the government statement.

Comparing the IP of major manufacturing industries in Q1 2023 with that a year earlier, there were increases in all segments such as: food, beverages and tobacco industry (+5.4%), followed by the paper products, printing and reproduction of recorded media industry (+2.4%), the textiles and wearing apparel industry (+2.0%), and the metal, computer, electronic and optical products, machinery and equipment industry (+0.6%).

On a seasonally adjusted basis, the index of industrial production for manufacturing industries as a whole went up by 2.7% in Q1 2023 compared with Q4 2022.

Compared with a year earlier, increases in Q1 2023 producer prices were recorded mainly in the paper products, printing and reproduction of recorded media industry (+3.7%), the food, beverages and tobacco industry (+2.4%), and the metal, computer, electronic and optical products, machinery and equipment industry (+0.4%). On the other hand, a decrease in producer price was recorded in the textiles and wearing apparel industry (-0.1%).