Monthly Industrial Production Index decreases by 7.3% in February

The Industrial Production index (IPI) in the country amounted to 99.3 points in February 2021, decreased by 7.3% compared to the previous month (January 2021), and decreased by 2.1%, when compared to the corresponding month in 2020. The Industrial Production Index consists of three main components: ‘Mining’ with a relative importance of 83.6%, ‘Manufacturing’ with a relative importance of 15.2%, ‘Electricity’ with a relative importance of 0.7%, and finally ‘Water’ with a relative importance of 0.5%. It is a short-term quantitative index that measures the changes in the volume of productions of a selected basket of industrial products over a given period with respect to that in a chosen period called the base period. The mining index showed a decrease by 7.7% compared to the previous month (January 2021), as a result of the decrease in the quantities of ‘crude oil petroleum and natural gas’ by 7.7%, while ‘Other mining and quarrying’ showed an increase by 0.8%.