Industrial production down 2.8% y.o.y. in January

Figures

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In January 2021, the volume of industrial production fell by 2.8% year-on-year, according to working-day adjusted data published by the Central Statistical Office (KSH).

Based on raw data, the volume of industrial production fell by 6.7% year-on-year.

The significant difference between the crude and working-day adjusted figures is due to the fact that there were two fewer working days in January 2021 than in January 2020.

Industrial output was 0.2% higher, compared to the previous month, according to seasonally and working-day adjusted data.

The majority of the manufacturing subsections contributed to the fall. The largest weight representing manufacture of transport equipment dropped significantly, while the manufacture of food products, beverages, and tobacco declined to a lesser extent. The manufacture of computer, electronic and optical products grew.

Industrial output in January – according to seasonally and working-day adjusted indices – grew by 57% compared to the nadir of April 2020.

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