Seasonally adjusted industrial production decreased by 2%

In July, the seasonally adjusted index of industrial production decreased by 2.0 per cent to 100.0 points. Declines were registered in the production of intermediate goods (5.1 per cent), consumer goods (0.7 per cent) and capital goods (0.2 per cent). Increases were registered in the production of energy (2.8 per cent).

Annual comparison

When compared to the corresponding month last year, the index of industrial production adjusted for working days went up by 7.1 per cent. This was mainly triggered by higher production of consumer goods (13.4 per cent), capital goods (7.6 per cent) and energy (7.2 per cent). On the other hand the production of intermediate goods declined by 1.1 per cent.

Industrial production constantly higher than corresponding months in 2014

The government said that since the beginning of 2015, industrial production was always higher than corresponding months last year.

Quoting NSO, the government added that in July industrial production was up 7.1% compared to last year.

“The increase was registered due to a growth in production of capital and consumer products, where production rose by 7.6% and 13.4% respectively,” the government statement said.

It added that statistics had shown that in the first seven months of 2015, a record of machinery for investment was imported, which essentially means that industrial production will continue to rise in the coming months.

 “According to customs statistics, the first seven months of 2015, saw a 1.6% or €20 million increase in industrial exports,” the statement reads, adding that the increase had occurred in the food products, pharmaceutical, plastic, printed material products, mechanical machinery and optical products.”

The statement pointed out that the great part of the increase actually went to countries outside the EU.

 “These increases have led to optimism in industrial companies,” it adds.

“A study by the European Commission in August shows that many manufacturing companies will continue to increase production in the coming months and that they will also be adding more employees.”

The government added that there has already been an increase of 4,000 jobs in the manufacturing industry ever since the change in administration.

The government added that it will continue to follow the improvements in the industrial sector and introducing new measures in favour of economic growth regardless of the negative criticism from the opposition.