Index of Industrial Production: January 2024
This news release features a major planned revision linked to the rebasing exercise communicated in the Press Information Notice dated 20 February 2024. This routine major activity, conducted every five years, ensures the consistency and accuracy of short-term business statistics. The index reference period was updated from 2015=100 to 2021=100.
The monthly Index of Industrial Production (IIP) is a business cycle indicator. It provides an early measure of change in the volume of industrial output produced by domestic businesses in the manufacturing, energy, and quarrying sectors in Malta.
Total industrial output – annual comparison
In January 2024, the index of industrial production decreased by 5.5 per cent when compared to the corresponding month in 2023. When excluding energy, the index decreased by 5.1 per cent (Chart 1).
Chart 1. Annual comparison of the total industrial production
% change compared to the corresponding month of the previous year
No Data Found
Manufacturing output – annual comparison
In January 2024, manufacturing output decreased by 5.9 per cent. The largest downward change was registered in the production of computer, electronic and optical products and motor vehicles (19.0 per cent), followed by the production of wood, paper products and printing (16.2 per cent) and the production of other manufacturing products (6.0 per cent). Conversely, the production of chemical and pharmaceutical products, the production of rubber, plastic and other non-metallic mineral products and the production of food products and beverages increased by 8.5 per cent, 6.3 per cent and 5.9 per cent respectively (Chart 2).
Chart 2. Manufacturing output - annual comparison by selected aggregates
% change compared to the corresponding month of the previous year
No Data Found
Industrial output – annual comparison by main industrial grouping
The Main Industrial Groupings (MIGs) provide an alternative statistical breakdown of economic activities classified according to end-use categories. They combine several NACE divisions, groups and classes together (see methodological table for further information).
In January 2024, the production of energy, capital goods and consumer goods decreased by 17.0 per cent, 10.9 per cent and 5.4 per cent respectively. On the contrary, there was a 5.5 per cent increase in the production of intermediate goods (Chart 3).
Chart 3. Annual comparison by main industrial grouping
% change compared to the corresponding month of the previous year
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Seasonally adjusted industrial production – monthly comparison
A clearer picture of the economic developments can be obtained when indices are adjusted for seasonal effects. These recurring effects are removed from the index series to enable month-to-month comparisons (see methodological points 6 and 7).
The seasonally adjusted index of industrial production for January 2024 decreased by 9.4 per cent when compared to December 2023 and stood at 102.9 index points (2021=100) (Chart 4).
Chart 4. Seasonally adjusted index of industrial production
Index (2021 = 100)
No Data Found
Tables
Tables
This news release features a major planned revision linked to the rebasing exercise communicated in the Press Information Notice dated 20 February 2024. This routine major activity, conducted every five years, ensures the consistency and accuracy of short-term business statistics. The index reference period was updated from 2015=100 to 2021=100.
Methodological Notes
1. This news release features a major planned revision linked to the rebasing exercise communicated in the Press Information Notice dated 20 February 2024. This routine major activity, conducted every five years, ensures the consistency and accuracy of short-term business statistics. The index reference period was updated from 2015=100 to 2021=100.
2. This Index of Industrial Production is a Principal European Economic Indicator (PEEI) and is compiled in accordance with Commission Regulation (EU) 2019/2152 and Commission Implementing Regulation 2020/1197 of the European Parliament and of the Council on European Business Statistics. The NSO has also adopted methodologies and guidelines recommended by Eurostat and the United Nations.
This news release is being published with the new base year 2021=100. Hence, indices cannot be directly compared to previous news releases published with base year 2015=100.
3. The Maltese Index of Industrial Production is calculated using a Laspeyres-type index (2021=100). Aggregation weights are updated every five years and the gross value added is used as the weighting variable. The whole series is available from the year 2000 onwards.
4. The sample covers 80 per cent of the total industrial turnover and the number of surveyed businesses is around 200. A combination of cut-off and stratified random sampling techniques are used. The volume of industrial production is calculated using three methods: the physical quantities of output, the deflated turnover and the number of hours worked.
5. In this news release, Energy refers to NACE D35 only – Electricity, gas steam and air conditioning supply. It excludes B05 – mining of coal and lignite, B06 – extraction of crude petroleum and natural gas, C19 – manufacture of coke and refined petroleum products and E36 – water collection, treatment and supply. The index excludes the electricity supply imported via the Malta-Sicily Interconnector.
6. Year-on-year comparisons refer to indices that are calendar adjusted, while month-on-month comparisons refer to calendar and seasonally-adjusted index numbers. These adjustments aid the interpretation of data by removing regularly recurring variations from a time series. The officially recommended software JDemetra+ is used to adjust all series in this news release.
7. The calendar effect is the variation caused by the changing number of working/trading days, fixed and moving holidays, leap year and other calendar-related phenomena. The seasonal effect is the variation caused by any pattern that repeats on a regular basis in the same period each year.
8. The average weighted response rate for this indicator is around 80%. The data is to be considered as provisional and therefore subject to revision.
9. The aggregation weights (gross value added) of the various categories used for the calculation of the Index of Industrial Production for the year 2021 (base year) are as follows:
| NACE Section | NACE Divisions | Description | Share |
| B | 8 | Mining and Quarrying | 0.01 |
| C | 13, 14, 25, 27, 28 and 31 to 33 | Other manufacturing | 0.31 |
| 10 and 11 | Food products and beverages | 0.13 | |
| 26 and 29 | Computer, electronic and optical products and motor vehicles | 0.17 | |
| 22 to 23 | Rubber, plastic products and other non-metallic mineral products | 0.13 | |
| 16 to 18 | Wood, paper products and printing | 0.11 | |
| 20 and 21 | Chemicals and pharmaceuticals products | 0.09 | |
| D | 35 | Energy | 0.07 |
| Total (Sections B, C and D) | 1.00 |
| Main Industrial Grouping | Description | Example |
|---|---|---|
| Capital Goods | Capital goods are physical assets used by businesses to produce consumer (final) goods | Machinery equipment |
| Intermediate goods | Intermediate goods, also called semi-finished goods are products used as inputs to produce a consumer (final) good | Rubber and plastic products |
| Consumer goods | Consumer goods, also called final goods are products that are readily available for consumption by consumers. These goods do not undergo further transformation in production | Food products and beverages |
| Energy | Energy refers to the production of electricity | Electricity excluding supply imported via the Malta-Sicily Interconnector |
10. More information relating to this news release may be accessed at:
Sources and Methods
Statistical Concepts
Metadata
Classifications
11. The data contained in this release is subject to revision. For an updated time-series which includes past data, please refer to the Statistical Indicators for this domain.
12. A detailed news release calendar is available online.
13. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.
14. For further assistance send your request through our online request form.
Index of Industrial Production: January 2024
This news release features a major planned revision linked to the rebasing exercise communicated in the Press Information Notice dated 20 February 2024. This routine major activity, conducted every five years, ensures the consistency and accuracy of short-term business statistics. The index reference period was updated from 2015=100 to 2021=100.
- In January 2024, industrial output decreased by 5.5 per cent when compared to January 2023.
- The largest annual downward change in the industrial production was registered in the production of computer, electronic and optical products and motor vehicles (19.0 per cent).
- When compared to December 2023, total industrial production decreased by 9.4 per cent.
