Industry has one of the most important positions in Macedonian economic growth. Industry’s rapid development is one of the most significant drivers of economic growth, the change in socio-economic relations, and population way of life, growing interest in technological advancement, etc.
This business growth and its tremendous impact forced the need for business to track and evaluate more intricately. Since 1952 in the State Statistical Office the index of industrial output has been calculated annually, thereby obtaining an optimum amount of data on the basis of which we can find the answer to the questions relating to industrial and economic growth. The index of the volume of production expresses the movement of total industrial production and is one of the basic statistical indicators for social planning and economic development, on which the most acceptable method of economic policy management is defined.
Industrial production volume index, February 2020
The industrial volume index in February 2020, compared with February 2019, was 103.5 according to the State Statistical Office data.
Industrial production in the Mining and Quarrying sector increased by 7.7% in February 2020 compared to February 2019, while it increased by 6.6% in the Manufacturing segment, while decreased by 13.3% in the Electricity, Gas, Steam and Air Conditioning sector.
The increase in the Manufacturing section is mainly due to increased production in the divisions Manufacture of beverages, Manufacture of tobacco products, Manufacture of textiles, Manufacture of wearing apparel, Manufacture of chemicals and chemical products, Manufacture of basic pharmaceutical products and pharmaceutical preparations, Manufacture of rubber and plastic products, Manufacture of basic metals, Manufacture of fabricated metal products, except machinery and equipment, Manufacture of motor vehicles, trailers and semi-trailers and Manufacture of furniture.
Industrial output by Key Industrial Groupings in February 2020 was higher in intermediate goods compared to February 2019, except for energy by 1.1%, capital goods by 10.4%, and sustainable consumer goods by 6.4% and non-sustainable consumer goods by 7.0% but lower in energy by 7.8%.
The index of industrial output in the period January – February 2020 was 101.9 compared to January – February 2019.