The Industrial Production index (IPI), February 2023 reached to 98.7 points decreased by 4.2 percent compared to the previous month (January 2023), and increased by 12.4 percent when compared to the corresponding month in 2022 according to the Planning and Statistics Authority data on the industrial production index for February 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 percent, ‘Manufacturing’ 15.85 percent, ‘Electricity production ‘ 1.16 percent, ‘Water production ‘ 0.53 percent.
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.
In mining the index of this sector showed a decrease by 4.4 percent compared to the previous month (January 2023), because of the decrease in the quantities of “crude oil petroleum and natural gas” with the same percentage, while “Other mining and quarrying” decreased by 1.7 percent. When compared to the corresponding month of the previous year (February 2022), the IPI of mining increased by 14.3 percent.
The manufacturing sector index showed a decrease by 3.3 percent compared to the previous month (January 2023), The groups showed a decrease include: “Manufacture of refined petroleum products” by 9.3 percent, followed by “Manufacture of chemicals and chemical products” by 3.9 percent, “Manufacture of beverages” by 2.3 percent, and “Manufacture of food products” by 0.2 percent. However, an increase was recorded in “Manufacture of basic metals” by 2.9 percent, “Manufacture of rubber and plastics products” by 1.4 percent, and “Manufacture of Cement and other non-metallic mineral products” by 0.5 percent. No change noticed in “Printing and reproduction of recorded media’’.
On the other hand, in terms of annual change, comparing to February 2022, an increase of 4.1% was recorded, due to the increase in “Manufacture of refined petroleum products” by 34.7%, followed by ‘Manufacture of beverages ‘ by 7.6 percent, “Manufacture of food products”, and “Manufacture of basic metals” by 4.5% each, “Manufacture of rubber and plastics products” by 1.2%, and “Manufacture of chemicals and chemical products” by 0.8 percent.
However, a decrease recorded in “Manufacture of Cement and other non-metallic mineral products” by 12.8 percent, and ‘’Printing and reproduction of recorded media’’ by 9.1 percent.
The electricity, gas, supply sector recorded a decrease of 1.9 percent was noticed in the production of “Electricity” between February 2023 and the previous month (January 2023). Comparing with corresponding month (February 2022), an increase of 14.6 percent was recorded.
While the water supply saw a decrease of 17.9 percent was noticed in the production of ‘‘Water’’ between February 2023 and the previous month (January 2022). Comparing with corresponding month (February 2023), a decrease of 10.7 percent was recorded.
