Industrial output increases by 1% in November
Industrial output increased by 1% 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% when compared to the corresponding month in 2022.
When excluding energy, the index increased by 4.7%.
Manufacturing output –
During the same month, manufacturing output increased by 4.4%.
The largest upward change was registered in the production of food products and beverages (10%), followed by the production of other manufacturing (7.2%) and the production of computer, electronic and optical products and motor vehicles (5.8%).
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% and 1.4%, 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%, 4.1% and 2.4%, respectively. On the contrary, there was a 15.2% 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% when compared to October 2023 and stood at 112.5 index points.