Macedonia’s industrial sales growth speeds to 21.9% y/y in June 2014

By bne IntelliNews August 18, 2014

The annual growth of Macedonia's industrial sales accelerated to 21.9% in June from 9.5% in May on the back of improved performance in both manufacturing and mining, statistics office data showed.

Manufacturing sales surged 23.7% y/y in June, after growing 12% y/y the month before. In addition, the annual contraction in mining narrowed to 11.6% from 28.4% in May.

Compared to the previous month, industrial sales increased 6.4% in June.

We note that Macedonia's industrial output grew 4.9% y/y in June, slowing down from a 9.7% y/y rise in May.

In June, industrial sales on the domestic market accounted for 23.2% of the total and contracted by 6.8% y/y. Sales abroad, which had a 76.8% share, grew 34.4% y/y.

The June breakdown across the main industrial groupings shows positive annual growth in intermediate goods except energy (up 0.7%), capital goods (up 94%) and non-durable consumer goods (up 5.2%). Sales fell y/y in energy (down 86.1%) and durable consumer goods (down 15.8%).

In H1 2014, total industrial sales rose 12.3% y/y.

Industrial sales, % y/y      
  May'14 Jun'14 Jan-June'14
TOTAL 9.5 21.9 12.3
- Domestic turnover 3.6 -6.8 -13.7
- Non-domestic turnover 11.8 34.4 23.4
Sections      
- Mining and quarrying -28.4 -11.6 -11.2
- Manufacturing 12.0 23.7 13.6
Main industrial groupings      
- Energy -97.5 -86.1 -96.0
- Intermediate goods industries, except energy -3.5 0.7 3.6
- Capital goods industries 32.9 94.0 56.5
- Durable consumer goods industries -0.1 -15.8 -3.0
- Non-durable consumer goods industries 7.3 5.2 1.1
Source: Statistics office      
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