• 6.3% monthly decrease in General IPI.
• 7.7% monthly decrease in IPI of Mining sector.
• 1.1% monthly decrease recorded in IPI of manufacturing sector.
Planning and Statistics Authority has issued a new version of the press release of industrial production index for May 2023, calculated using 2018 as a base year. By changing the base year, the relative weight of main economic sectors under this indicator are changed also, therefore “Mining” 82.46%, “Manufacturing” 15.85%, “Electricity production” 1.16%, “Water production” 0.53%. This indicator is a short-term quantitative index that measures the changes in the volume of productions of a selected basket of industrial products over a given period with respect to that in a chosen period called the base period, it studies and analysis the economic level of the state, and the growth of various industrial sectors in economy index details.
The Industrial Production index (IPI), May 2023 reached 99.7 points decreased by 6.3% compared to the previous month (April 2023), and increased by 1.1%, when compared to the corresponding month in 2022.
Details of the press release for the sectors that make up the industrial production index:
1. “Mining”: The index of this sector showed a decrease by 7.7% compared to the previous month (April 2023), because of the decrease in the quantities of "crude oil petroleum and natural gas" with the same percentage, while “Other mining and quarrying" increased by 4.3%.
When compared to the corresponding month of the previous year (May 2022), the IPI of Mining increased by 0.8%. Graphs (2) explains the trends of monthly IPI in the mining sector during May 2022 until May 2023.
2. “Manufacturing”: The index of this sector showed a decrease by 1.1% compared to the previous month (April 2023), The groups showed a decrease include: “Manufacture of refined petroleum products” by 11.1%, followed by “Manufacture of food products” by 2.3%, and “Manufacture of rubber and plastics products” by 1.6%. However, an increase was recorded in “Manufacture of beverages" by 6.7%, “Printing and reproduction of recorded media’’ by 4.5%, “Manufacture of basic metals” by 2.1%, “Manufacture of chemicals and chemical products", and “Manufacture of Cement and other non-metallic mineral products” by 0.6% each.
On the other hand, in terms of annual change, comparing to May 2022, an increase of 3.6% was recorded, due to the increase in “Manufacture of chemicals and chemical products” by 12.0%, followed by “Manufacture of food products” by 5.5%, “Manufacture of basic metals” by 1.7%, and “Manufacture of beverages" by 1.4%. However, a decrease recorded in “Manufacture of refined petroleum products” by 13.0%, “Manufacture of rubber and plastics products” by 10.3%, ‘’Printing and reproduction of recorded media’’ by 9.1%, and “Manufacture of Cement & other non-metallic mineral products" by 8.7%.
3. “Electricity, gas, supply”: An increase of 34.7% was noticed in the production of “Electricity” between May 2023 and the previous month (April 2023). Comparing with the corresponding month (May 2022), an increase of 1.0% was recorded. The Graph (4) shows IPI of “Electricity Supply” sectors, during May of 2022 until May of 2023.
4. “Water Supply”: An increase of 8.7% was noticed in the production of ‘'Water'' between May 2023 and the previous month (April 2023). Compared with the corresponding month (May 2022), a decrease of 0.3% was recorded.
