Industrial production climbs by 2.7% in Q2

The producer price index rose by 0.8% in the same quarter.

Hong Kong’s index of industrial production for manufacturing industries as a whole increased by 2.7% in the second quarter of 2022 compared with a year earlier, according to the latest provisional statistics released by the Census and Statistics Department.

This is also an improvement against the 1.3% decrease in the first quarter of 2022. Additionally, the corresponding producer price index increased by 0.8% in Q2 2022 compared with a year earlier, following a year-on-year (YoY) increase of 2.3% in Q1 2022.

The index of industrial production for sewerage, waste management and remediation activities increased by 0.6% in Q2 2022 compared with a year earlier, following an increase of 0.3% YoY in Q1 2022. The corresponding producer price index increased by 1.4% in Q2 2022 compared with a year earlier, following a 1.4% YoY rise in Q1 2022.

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“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,” the government said.

Comparing the industrial production in respect of significant manufacturing industries in Q2 2022 with that a year earlier, increases in output volume were recorded mainly in the food, beverages and tobacco industry (+1.1%); and the paper products, printing and reproduction of recorded media industry (+1%). On the other hand, decreases in output volume were recorded in the metal, computer, electronic and optical products, machinery and equipment industry (-2.7%); and the textiles and wearing apparel industry (-1.0%).

On a seasonally adjusted basis, the index of industrial production for manufacturing industries as a whole increased by 5.3% in Q2 2022 compared with Q1 2022.