Quarterly Index of Industrial Production (QIIP), 2nd Quarter 2023
Highlights
(Year 2018 = 100)
The Economic and Social Indicators on Quarterly Index of Industrial Production (QIIP) aims at measuring, on a quarterly basis, the changes in the volume of or real output of the Industrial Sector comprising "Mining and quarrying", "Manufacturing", "Electricity, gas, steam & air conditioning supply" and "Water supply; sewerage, waste management and remediation activities". Please find below the highlights.
1. In the second quarter of 2023, the overall index of industrial production increased by 6.2% compared to the previous quarter and by 4.5% when compared to the corresponding quarter of 2022.
2. The performance of the sub-sectors within the industrial sector is as follows:
|
Growth rate (%) second quarter 2023 |
|
Over corresponding quarter 2022 |
Over previous quarter |
|
Mining and quarrying |
+1.1 |
+25.7 |
|
Manufacturing |
+4.6 |
+9.8 |
|
Electricity, gas, steam & air conditioning supply |
+5.3 |
-26.7 |
|
Water supply; sewerage, waste management and remediation activities |
+2.1 |
+5.8 |
|
Industrial Sector |
+4.5 |
+6.2 |
3. The index for the year ending second quarter 2023, which is the average of quarterly indices for the period under review, grew by 5.1%. This is explained by expansions in “Electricity, gas, steam and air conditioning supply" (+5.1%), “Manufacturing" (+4.8%), “Water supply; sewerage, waste management and remediation activities" (+2.4%) and "Mining and quarrying" (+2.3%).
19 September 2023
