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Industry gains momentum in August

In August 2017, the volume of industrial output was 6.8% higher than a year earlier based on both working day-adjusted and non-adjusted indices, a second estimate of data from the Central Statistical Office (KSH) shows. Output of the automotive sector grew 5% year-on-year in August after two months of decline.

The KSH data confirmed a first reading released on October 6. Growth accelerated from 0.2% in the previous month. In a seasonally and working day-adjusted month-on-month comparison, output rose 5.5%, unchanged from the first reading.

Of the sections of industry, production rose by 6.8% in manufacturing, representing a decisive weight (96%), and by 38% in mining and quarrying, which carries little weight. The output of the energy industry (electricity, gas, steam and air-conditioning supply) decreased by 1.6%.

Compared to the previous monthʼs decline, the production of transport equipment (representing 27% of manufacturing output) increased year-on-year by 5.0%. The growth was partly attributable to the summer stoppage falling in a different period than in the base year. The manufacture of parts and accessories for motor vehicles went up by 9.5%, while the manufacture of motor vehicles practically stagnated.

The manufacture of computer, electronic and optical products (accounting for 12% of manufacturing) rose by 9.0%, within which the manufacture of consumer electronics grew by 21%.

The manufacture of food products, beverages and tobacco products, accounting for 13% of manufacturing, increased by 2.9%.

The labor productivity of industrial enterprises with five or more employees was 2.9% higher in August than in the same month of 2016, along with a 3.6% increase in the number of employees.

The volume of industrial export sales increased by 9.1% compared to the same period of the previous year. Within export sales in manufacturing, the export of transport equipment (representing 35% of the total) rose by 6.1%. In the manufacture of computer, electronic and optical products (accounting for 16% of manufacturing exports), the export volume went up by 10.5%.

Industrial domestic sales grew by 4.5%, within which domestic sales in manufacturing were 4.3% higher year-on-year.

Total new orders in the observed subsections of manufacturing grew by 15.8% compared to the same month of 2016. The volume of new export orders increased by 17.4%, while that of new domestic orders rose by 6.6%. The total stock of orders was below the level of August 2016 by 0.4%.

In January–August 2017, compared to the same eight-month period of the previous year, industrial production went up by 5.1%. The volume of export sales (representing 65% of all sales) grew by 5.6%, while that of domestic sales (accounting for 35% of all sales) rose by 3.7%.

The labor productivity of industrial enterprises with five or more employees went up by 1.6% in January–August, along with a 3.2% increase in the number of employees.

A first estimate of industrial output figures for September will be published by the KSH on November 8.