The biggest decrease in production volume1 was in furniture production – by 23.3%, in the production of automobiles, trailers and semi-trailers – by 18.7%, in the production of computers, electronic and optical equipment – by 15.9%, in the production of clothing – by 13.8% and in printing and recording reproduction – by 4.6%. There was also a drop in one of the three largest manufacturing industry sectors by proportion: in the production of finished metal products, excluding machinery and equipment – by 12.4%.
The increase in the volume of industrial production was in the equipment and device repair and installation sector – by 33.1 %, in the production of chemicals and chemical products – by 13.3%, in the production of beverages – by 8.2% and in the production of textiles – by 7.5%. There was also growth in two of the three largest manufacturing sectors by share: food production and wood and wood products (by 0.9% and 1.7% respectively).
In March 2024, compared to February 2024, according to seasonally adjusted data, the volume of industrial production decreased by 0.5% at comparable prices. The increase in the production volume was in the manufacturing industry – by 1.6%, while the decrease was in the electricity and gas supply – by 7.0% and in the mining and quarrying industry – by 1.6%.
See OSP database: RUI020m
Changes in the volume of industrial production
(in percent, at comparable prices)
| in the 1st quarter of 2024 compared to | in March 2024 compared to | |||
| 2023 4th quarter (seasonally adjusted) | 2023 1st quarter (calendar adjusted) | 2024 February (seasonally adjusted) | 2023 March (calendar adjusted) | |
| The whole industry | 0.5 | -0.1 | -0.5 | 0.7 |
| Mining and quarrying | 12.6 | 18.6 | -1.6 | 25.8 |
| Manufacturing | -2.7 | -3.9 | 1.6 | -1.0 |
| Production of food products | -1.3 | 2,3 | 0.3 | 0.9 |
| Production of beverages | 4.8 | -2.2 | 17.7 | 8.2 |
| Textile production | 4.7 | -1.1 | 3.3 | 7.5 |
| Clothing production | 2.2 | -12.3 | -0.3 | -13.8 |
| Manufacture of wood, wood and cork products, excluding furniture | -1.9 | -0.1 | -1.9 | 1.7 |
| Production of paper and paper products | 3,4 | 3.7 | 0.7 | 3.0 |
| Printing and reproduction of records | 15.7 | 7.0 | -11.6 | -4.6 |
| Production of chemicals and chemical products | 7.3 | 10.7 | -4.3 | 13.3 |
| Production of non-metallic mineral products | -1.7 | -11.7 | -0.6 | -4.6 |
| Manufacture of finished metal products, excluding machinery and equipment | -8.3 | -11.0 | -0.9 | -12.4 |
| Production of computers, electrical and optical equipment | -3.6 | -13.1 | 3.0 | -15.9 |
| Production of electrical equipment | -14.2 | -1.0 | -0.6 | 1.9 |
| Production of equipment, mechanisms and working machines | -11.5 | -2.7 | 8.1 | 5.0 |
| Production of cars, trailers and semi-trailers | -2.8 | -2.0 | -11.5 | -18.7 |
| Furniture production | -2.4 | -19.3 | -3.3 | -23.3 |
| Repair and installation of equipment and devices2 | 26.5 | 8.0 | 5.1 | 33.1 |
| Electricity and gas supply | 8.7 | 9.3 | -7.0 | 3.2 |
Turnover of manufacturing industry3
In March 2024, compared to March 2023, the turnover of the manufacturing industry decreased by 5.3% according to calendar-adjusted data in actual prices. Turnover in the domestic market decreased by 4.3% and in exports – by 5.7% (including in the eurozone – by 3.7%, and outside the eurozone – by 7.3%).
2024. in March of 2024, compared to February 2024, the turnover of the manufacturing industry according to seasonally adjusted data decreased by 0.1%. In the local market, the turnover decreased by 2.0%, but in the export market, it increased by 0.9% % (including in the eurozone – a decrease of 0.4%, but outside the eurozone – an increase of 2.1%).
The published data may be refined in the coming months if additional information is obtained from the companies.
More information on seasonally adjusted, calendar-adjusted and unadjusted indices of industrial production volume and turnover, including by sector, is available on the official statistics portal in the section “Industry“.
Methodological explanations
1 Industrial production is calculated by summing up the self-produced products sold in a given month and the provided industrial services with the changes in finished product stocks and work-in-progress. The Industrial Production Volume Index (RPI) describes changes in the volume of industrial production during the reporting period compared to the base period. The RPI is calculated by recalculating the output index into comparable prices with the help of producer price indices.
2 Repair and maintenance of ships and boats, repair and maintenance of all kinds of equipment and devices, installation of production equipment and devices. Heating and air conditioning are not included.
3 Industrial turnover in a given month characterizes the monthly development of market demand for industrial goods and services. It is calculated in actual prices without excluding price effects. Unlike manufactured industrial production, which also includes unfinished products and production stocks, turnover includes only sold products and provided industrial services.
Tags: Industrial output increased March
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