October 6, 2022

Industrial production index up by 14.6% m-o-m in March

The Industrial Production index (IPI) for March reached 101.2 points, an increase of 14.6 percent compared to the previous month (February 2022), and increased by 0.5 percent compared to the corresponding month in 2021, according to data issued by Planning and Statistics Authority.
The IPI consists of following main components: “mining” with a relative importance of 83.6 percent, “manufacturing” 15.2 percent, “electricity” 0.7 percent, and finally “water” with a relative importance of 0.5 percent.
Mining
The index of this sector showed a increase of 16.9 percent compared to the previous month (February 2022), as a result of the increase in the quantities of “crude oil petroleum and natural gas” by 16.9 percent, while “other mining and quarrying” remained flat. When compared to the corresponding month of the previous year (March 2021), the IPI of mining increased by 0.3 percent.
Manufacturing
The index of this sector showed an increase by 5.4 percent compared to the previous month (February 2022), The groups which showed an increase include: “manufacture of refined petroleum products” by 9.5 percent, followed by “manufacture of chemicals and chemical products” 6.1 percent, “manufacture of food products” 2.7 percent, and “manufacture of beverages” by 0.7 percent.
However, a decrease was recorded in “manufacture of cement and other non-metallic mineral products” by 1.5 percent. No change was noticed in “printing and reproduction of recorded media’’, “manufacture of rubber and plastics products”, and “manufacture of basic metals”.
On the other hand, in terms of annual change, compared to March 2021, an increase of 3.1 percent was recorded due to the increase in “manufacture of refined petroleum products” by 27.7 percent, and “manufacture of chemicals and chemical products” by 2.5 percent.
However, a decrease was recorded in “manufacture of cement & other non-metallic mineral products” by 17.2 percent, followed by ‘’printing and reproduction of recorded media’’ by 25.8 percent, “manufacture of basic metals” by 8.3 percent, “manufacture of rubber and plastics products” by 6.7 percent, “manufacture of food products” and “manufacture of beverages” by 2.6 percent each.
Electricity
An increase of 2.7 percent was noticed in the production of “electricity” between March 2022 and the previous month (February 2022). Comparing with corresponding month (March 2021), a decrease of 28.8 percent was recorded.
Water
An increase of 2.8 percent was noticed in the production of ‘‘Water’’ between March 2022 and the previous month (February 2022). Comparing with corresponding month (March 2021), a decrease of 16.6 percent was recorded.