site.btaIndustrial Production Index Drops 6.3% in May 2024 Y/Y

The Industrial Production Index has decreased by 3.3% in May 2024 compared to the previous month, according to preliminary and seasonally adjusted data released by the National Statistical Institute on Wednesday. A decrease of 6.3% was registered in the calendar-adjusted Industrial Production Index compared to May 2023.

Monthly changes

A decrease was registered in the mining and quarrying industry - by 10.2%, in the electricity, gas, steam and air conditioning supply - by 5.3%, and in the manufacturing - by 2.3% in May 2024 compared to the previous month.

A decline of 11.7% was registered in the manufacturing sector in the production of other non-metallic mineral products, of 11.5% in the manufacturing of motor vehicles, trailers and semi-trailers, and of 10.4% in the production of tobacco products.

A 6.2% increase was reported in the production of chemicals and chemical products. Production of textiles and apparel increased by 2.7% and 1.4% respectively.

Yearly changes

The Industrial Production Index saw a 15.6% drop in the mining and quarrying industry, a 6% drop in the manufacturing sector, and 1.1% in the electricity, gas, steam and air conditioning supply on an annual basis.

The most significant production decrease in manufacturing compared to the same month of the previous year was registered in the manufacturing of vehicles (excluding cars) and transport equipment - by 29.9%, in the manufacturing of leather products - by 26.9%, in the manufacturing of computer, electronic and optical products - by 25.2%, in other manufacturing - by 24.5%, in the manufacturing of electrical equipment - by 21.9%, and in the manufacturing of machinery and equipment not elsewhere classified - by 21%.

An increase was observed in the manufacturing of chemicals and chemical products - by 27.5%, in the manufacturing of basic metals - by 19.1%, and in the manufacturing of basic pharmaceutical products - by 11.7%.