In May 2012 according to workday-adjusted statistics the volume of industrial production increased by 1.9 percent in comparison to the same period of the previous year and seasonally and workday-adjusted data also signal a significant expansion of 3.2 percent. Unadjusted figures also show a more favourable result than the statistics of April: in May there was a decline of only 0.4 percent compared to the level of one year ago.

Among the sectors of the national economy the output of the manufacturing industry has been practically unchanged, energy industry output declined by 7.6 percent, but production in mining and quarrying – a relatively less significant sector – increased by 8.3 percent in May 2012 compared to the corresponding period of the previous year.

Within the manufacturing industry there was expansion in seven sub sectors: among the more significant ones the manufacturing of transport equipment was up by 9.1 percent due to the exceptionally dynamic growth of 18 percent of motor vehicle manufacturing and the output of food, beverages and tobacco products increased by 12.4 percent. On the other hand, however, in May as well as in April the greatest contributor to the decline of total industrial output was the 14.2 percent contraction of the largest sub sector of computer, electronic and optical products manufacturing. Statistics consequently imply that although the moderation in demand for communication equipment, electronic consumer goods and fuels could not be entirely offset by the exceptionally favourable expansion in transport equipment and food industry output in May as yet, but in comparison to the level of April it could compensate more for contracting sub sectors.

If one takes a closer look at the sales side, industrial exports in May 2012 increased by 1.7 percent in contrast to a decline of the previous month. This result was the consequence of the 11.6 percent growth of transport equipment exports and the 4.8 percent decline of the exports of computers, electronic and optical products manufacturing. Domestic sales were down by 3.3 percent in May 2012 compared to the level of one year ago, however domestic sales of manufacturing industry increased by 0.3 percent in the observed month. It has been a favourable sign, nonetheless, that total orders were higher by 24.6 percent in comparison to the base of one year ago.

(Ministry for National Economy)