Index of industrial production, May 2003

The intermediate goods output has increased by 1.4 per cent from March to May, compared with the previous 3 months, while the output decreased during December to February by 4.7 per cent compared with the period from September to November last year. The basic chemicals output has increased by about 9 per cent during the last 3 months compared with the previous 3 months.

Consumer goods output still decreasing

The consumer goods output has had a slight decline during the last 3 months compared with the previous 3 months. This has followed the 3.9 per cent drop through September to November 2002 compared with the 3 months before that. This is mainly related to the drop in the non-durable consumer goods output. The output in the food products, beverages and tobacco has decreased by 2.5 per cent, whereas the food products output has decreased by 2.6 per cent.

Meanwhile, the 3-month rate in May for durable goods output has increased by about 3 per cent after a decrease of about the same magnitude in February. This is partly related to the increase in the furniture production.

Weakening capital goods output

The capital goods output is experiencing a hard time. Compared with the period from December to February, the output has dropped by 4 per cent during March to May. This has followed the 2.5 per cent drop during December to February compared with September to November. The 5.3 per cent decrease in the transport equipment output has partly resulted to the weakening in the capital goods output.

At the same time the oil platforms and modules has decreased by about 4 per cent during the last 3 months compared with the previous 3 months, the electrical and optical equipment has decreased by about 2 per cent, and machinery and equipment has experienced a drop by 2 per cent, too.