Seasonally adjusted industrial turnover down by 2.4%

Seasonally adjusted industrial turnover during the first quarter decreased by 2.4 per cent to 99.1 points over the fourth quarter last year.

The National Statistics Office (NSO) has reported declines in turnover registered in all main industrial groupings.

Seasonally adjusted industrial employment edged up by 1.3 per cent from 96.9 points to 98.2 points. This was primarily the result of an increase in employment in the intermediate and consumer goods sectors, of 2.0 and 1.2 per cent respectively. On the other hand, declines in employment were registered in energy and capital goods, of 0.4 and 0.2 per cent respectively.

Industrial hours worked, adjusted for seasonal effects, went up by 0.8 per cent whereas seasonally adjusted wages and salaries decreased by 1.0 per cent, from 106.8 points in the fourth quarter of 2013 to 105.7 points in the subsequent period.

When compared to the first quarter last year, working-day adjusted industrial turnover decreased by 8.8 per cent, mainly attributable to a drop of 21.0 per cent in intermediate goods. This decline was partially mitigated by a 12.0 per cent increase in capital goods.

Year-on-year data indicate that industrial employment went down by 0.3 per cent, resulting from a decline in all main industrial groupings except for intermediate goods, the latter showing a 1.6 per cent rise.

Industrial hours worked, adjusted for calendar effects, went down by 1.3 per cent while working-day adjusted industrial wages and salaries increased, also by 1.3 per cent.