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Index Industrial Production:February 2023

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 February 2023, the index of industrial production went up by 17.1 per cent when compared to the corresponding month in 2022. When excluding energy, the index went up by 17.8 per cent.

Manufacturing output – annual comparison 

In February 2023, manufacturing output went up by 18.0 per cent. The largest upward change was registered in the chemical and pharmaceutical products (64.4 per cent), followed by computer, electronic and optical products and motor vehicles (33.6 per cent) and by wood, paper products and printing (25.7 per cent). On the other hand, a downward change was registered in the production of rubber, plastic and other non-metallic mineral products (2.7 per cent).

Industrial output – annual comparison by main industrial grouping

The Main Industrial Groupings (MIGs) provide an alternative statistical breakdown of economic activities classified according to end-use categories. They combine several NACE divisions, groups and classes together (see methodological table for further information).

In February 2023, the production of consumer goods and energy increased by 31.7 per cent and 8.8 per cent respectively. Moreover, the production of intermediate goods increased by 8.7 per cent followed by the capital goods (4.9 per cent).

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 (see methodological points 5 and 6).

The seasonally adjusted index of industrial production for February 2023 increased by 1.0 per cent when compared to January 2023 and stood at 113.7 index points (2015=100).

ARTICLE WRITTEN BY NSO

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