Manufacturing turnover plummeting

13/01/2009 15:00

Manufacturing turnover decreased by nearly 14 percent in November 2008 compared with November 2007. This is the most substantial downturn since the beginning of the time series in the early 1990s. Manufacturing output declined for the last time in mid-2004.

November 2008 had two more working days than the same month in 2007. The negative effect on turnover is estimated at approximately 5 percent. Manufactured products were nearly 2 percent cheaper than in November 2007.

Manufacturing industry faced a nearly 13 percent turnover loss on the domestic market in November. Turnover on the export market was over 14 percent down on one year previously. Turnover on the foreign markets started to decline as early as in October relative to one year previously, but the marginal loss was offset by an increase in turnover on the domestic market. Altogether, manufacturing turnover increased somewhat in October compared with October 2007.

Turnover declined across all sectors of manufacturing industry. Textiles, leather, clothing and petroleum, chemical, rubber and plastics faced the largest turnover losses. The downturn in the petroleum, chemical, rubber and plastics industry was largely accounted for by much lower selling prices in this sector.