Industrial Production Drops in March

Manufacturing

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The volume of industrial production dropped in March 2024 by 10.4% year-on-year, while based on working-day adjusted data production declined by 2.8% compared to the same month of 2023.

Compared to crude data, the significant difference is due to the fact that there were three fewer working-days in this month than in March 2023, the Central Statistical Office (KSH) notes.

The production volume decreased in every manufacturing subsection compared to the same month of the previous year. Out of the subsections having the largest weight a significant fall was observed in the manufacture of transport equipment, as well as that of the manufacture of electrical equipment, while the manufacture of food products, beverages, and tobacco products declined to a lesser extent.

In the first three months of the year, production was 4.1% lower than in the same period of 2023.

Industrial output– according to seasonally and working-day adjusted indices – was 3% below the level of February 2024.

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