Industrial production grows 0.9% in the 1st quarter of 2024, despite a quarterly drop of 1.4%

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Industrial production grows 0.9% in the 1st quarter of 2024, despite a quarterly drop of 1.4%
Industrial production grows 0.9% in the 1st quarter of 2024, despite a quarterly drop of 1.4%

Africa-Press – Cape verde. Industrial production in Cape Verde recorded an increase of 0.9% in the first quarter of 2024 compared to the same period last year, despite a drop of 1.4% in quarterly terms, as released today by the National Statistics Institute (INE).

According to INE, the extractive industry showed an increase of 14% in this period, while the manufacturing industry recorded a negative variation of 0.6%. The electricity, gas, steam, hot and cold water and cold air industries increased by 3.3%, and water collection, treatment and distribution recorded a decrease of 0.9%.

The Industrial Production Price Index decreased by 5% in the first quarter of 2024 compared to the same period last year. This reduction was particularly influenced by the electricity, gas, steam, hot and cold water and cold air industries, with a drop of 4.8%, and by the extractive industry, with a negative variation of 0.6%.

In the same period, the turnover index showed a year-on-year increase of 14.8%. However, turnover in the extractive industry fell by 18.5%, while manufacturing industries grew by 22.9%. The electricity, gas, steam, hot and cold water and cold air industries, and water treatment and distribution, recorded variations of 8.9% and −5.9%, respectively.

Employment and hours worked indices in industry also showed negative variations. In the first quarter of 2024, the year-on-year change in the employment index was −3.5% and the number of hours worked was −3.2%.

The extractive industry recorded drops in employment rates (-39.9%) and hours worked (-37.1%). The manufacturing industry had a negative variation of 5.8% in the employment index and 4.8% in the hours worked index.

The electricity, gas, steam, hot and cold water and cold air industries, and water treatment and distribution, recorded year-on-year variations of −1.2% and 2.9% in the employment index, and −1. 4% and 1.9% in the hours worked index, respectively.

INE also reported that, in the first quarter of 2024, the year-on-year rate of change in gross wages in industry was 2.8%.

During this period, the extractive and manufacturing industries recorded variations of −15.6% and 4.3%, respectively, in the remuneration index. The electricity, gas, steam, hot and cold water and cold air industries, and water capture, treatment and distribution, recorded variations of 3.8% and −9.9%, respectively.

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