Index of industrial production for manufacturing industries grows 7.8% YoY
Q3’s IIP growth was higher compared to the previous quarter.
The index of industrial production (IIP) for manufacturing industries grew further in the third quarter, increasing by 7.8% year-on-year (YoY), the latest data from Census and Statistics Department (C&SD) showed.
Last quarter, the IIP rose by 5.6% YoY.
On the other hand, the producer price index (PPI) decreased by 0.9% YoY in the third quarter (Q3).
“Indices of industrial production reflect changes in the volume of local industrial output after discounting the effect of price changes. The price changes are measured by the producer price indices compiled from data on producer prices of selected industrial goods/services collected in the same survey,” CS&D explained.
Across the major manufacturing industries, increases in output volume were recorded mainly in the food, beverages and tobacco industry (13.6%).
On the flip side, output volume in the metal, computer, electronic and optical products, machinery and equipment industry; the textiles and wearing apparel industry; and the paper products, printing and reproduction of recorded media industry decreased by 9.8%, 2.4%, and 1.9%, respectively.
Meanwhile, for sewerage, waste management and remediation activities, the IIP increased by 1.2% YoY, slower than the 1.6% YoY growth recorded in the previous quarter. Its corresponding PPI also moderated in Q3, which only increased by 4.4% YoY compared to the second quarter’s record of 4.7%.