Egypt: Industrial production slumps in March
June 1, 2015
In March, industrial production contracted 0.1% over the same month last year, which contrasted the 3.4% increase recorded in February. The result marked the second decline in a three-month period. March’s decrease was driven by contractions in construction, the Suez Canal, natural gas and electricity. In contrast, tourism, oil production, and manufacturing registered increases.
On a sequential basis, industrial production decreased 5.5% over the previous month, which was well below the 0.5% decrease registered in February. However, annual average growth in industrial production increased from 11.7% in February to 12.2% in March, which marked an over-six-year high.
Author: Carl Kelly, Economist