High prices account for turnover growth

Manufacturing turnover increased by 9 percent in June 2008, compared to June 2007. In May this year, turnover grew by 6 percent. Turnover growth in May was achieved with one working day less relative to one year previously. Just as in May, the turnover increase in June was entirely caused by high selling prices. Sales in May and June were indeed lower than in the same months in 2007.

Manufacturers realised 12 percent more turnover from domestic sales. They saw export turnover rise by 7 percent. With 18 percent, turnover growth was highest in the oil refining and chemical industry. This was partly due to the price of a barrel of oil jumping to new record highs. In food processing and the metal industry turnover improved too. In the other branches, turnover declined.

In the first half of 2008, manufacturing turnover grew by over 9 percent relative to the same period last year. The petroleum, chemical, rubber and plastics industries and the food, drinks and tobacco branch realised the highest turnover (more than 10 percent). Both branches had to pay considerably higher prices for raw and auxiliary materials, resulting in higher factory gate prices.

Manufacturing turnover