Industrial output rises for second month

Chemicals boom

Industrial output rose year on year for its second consecutive month in December 2004, rising by 2.5% compared with December, following a 4.3% year-on-year increase in November.

Manufacturing rose year on year by 0.5% in December, Electricity gas and water by 11.0% while mining fell by 0.6%.

The Index of Industrial Production (Base 2000=100), reached 111.9 units. For the period January – December 2004 the index showed an increase of 0.9% year on year. Manufacturing rose by 0.3%, electricity, gas and water by 19.4%, while mining fell by 11.5%.

The poor performance of mining may be related to trouble at the Hellenic Copper Mines.

Chemicals boom

Within the subcategories of manufacturing, the best performer was output of chemicals, chemical products and man-made fibres. This soared by 10.4% for the full year, helpign to offset the steep decline in some other categories, such as leather and leather products and, of course refined petroleum products after the closure of the Larnaca oil refinery.

The heavily weighted food, beverages and tobacco subsector also fared poorly last year, with output falling by 1.4% for the full year and by 0.3% in the fourth quarter.

Fiona Mullen