Industrial output increases by 1 per cent in November

Last Updated on Thursday, 11 January, 2024 at 4:36 pm by Andre Camilleri

Industrial output increased by 1 per cent in November 2023, when compared to November 2022, national data shows.

The monthly Index of Industrial Production (IIP) is a business cycle indicator.

It provides an early measure of change in the volume of industrial output produced by domestic businesses in the manufacturing, energy, and quarrying sectors in Malta.

Total industrial output – annual comparison 

In a statement on Thursday, the National Statistics Offices said that last November, the index of industrial production increased by 1 per cent when compared to the corresponding month in 2022.

When excluding energy, the index increased by 4.7 per cent.

Manufacturing output – annual comparison

During the same month, manufacturing output increased by 4.4 per cent.

The largest upward change was registered in the production of food products and beverages (10.0 per cent), followed by the production of other manufacturing (7.2 per cent) and the production of computer, electronic and optical products and motor vehicles (5.8 per cent).

On the other hand, the production of rubber, plastic and other non-metallic mineral products, and the production of wood, paper products and printing decreased by 2.2 per cent and 1.4 per cent, respectively.

Industrial output – annual comparison by main industrial grouping

The Main Industrial Groupings provide an alternative statistical breakdown of economic activities classified according to end-use categories.

They combine several NACE divisions, groups and classes together.

In November, the production of intermediate goods, consumer goods and capital goods increased by 8.3 per cent, 4.1 per cent and 2.4 per cent, respectively. On the contrary, there was a 15.2 per cent drop in the production of energy

Seasonally adjusted industrial production – monthly comparison

A clearer picture of the economic developments can be obtained when indices are adjusted for seasonal effects.

These recurring effects are removed from the index series to enable month-to month comparisons.

The seasonally adjusted index of industrial production for November 2023 increased by 1.8 per cent when compared to October 2023 and stood at 112.5 index points.

See full report here

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