Industrial Production Up on Pandemic Base

In March 2022, the volume of industrial production grew by 3.6% year-on-year. Based on working-day adjusted data production rose by 4.2%. However, according to seasonally and working-day adjusted data industrial output was 0.1% lower than in February 2022.

According to a report published by the Central Statistical Office this Friday, the majority of the manufacturing subsections contributed to the growth, the manufacture of transport equipment, however, representing the largest weight, dropped considerably, mainly due to semiconductor shortages, and other material supply problems.

The other two significant weight carrying subsections, the manufacture of computer, electronic and optical products and the manufacture of food products, beverages and tobacco both increased at a rate above the industrial average.

In the first three months of the year production was 5.5% higher than in the same period of 2021.