Industrial production rises 2.3%

Annual industrial production rose 2.3 per cent in January, as modern manufacturing industries showed a rise in production.

Production for manufacturing industries was 2.3 per cent higher than January 2009, mainly due to a rise in the production of basic pharmaceutical products and preparations, which increased 11.8 per cent. This compares with a decrease of 37.2 per cent in the production of computer, electronic and optical products.

Over the three month period between November 2009 and January 2010, the seasonally adjusted volume of industrial production for manufacturing industries fell 2.7 per cent than the preceding three month period.

Meanwhile, the modern sector, which includes high-technology and chemical sectors, increased production by 4.8 per cent on an annual basis in January. More traditional industries, on the other hand, fell 3.6 per cent.

The seasonally adjusted industrial turnover index for manufacturing industries fell 1.5 per cent in the three month period to January 2010 compared to the previous quarter, and 8.8 per cent lower when compared with January 2009.