Page 39 - bne IntelliNews Southeastern Europe Outlook 2025

2.8.2 Industrial production
In the first ten months of 2024, the industrial output in North Macedonia fell by 3.8%. In 2023 the output grew by 0.7%, against a slim 0.3% drop in 2022.
The steepest drops were observed in tobacco production, which fell by 34.5%, and in leather and leather products, which decreased by 33.1% in the first ten months of 2024. On the other hand, the largest growth was recorded in the printing and reproduction of recorded media, which saw a rise of 30.7%. Mining output dropped by 5.6% y/y, while the utilities sector plunged by 19.7% y/y to the end of October.
North Macedonia's industrial output declined by 1.1% y/y in October, following a sharper drop of 7.9% in September. The decline was driven by reduced output in the utilities and mining sectors, despite growth in the manufacturing industry.
In October, industrial output in the key manufacturing sector rose by 3.1% y/y, recovering from a 6.6% decline recorded in September.
North Macedonia’s domestic industrial producer price index (PPI) went up by an annual 6.4% in October, accelerating from a 4.8% y/y increase in the previous month (chart), statistics office's data indicated.
October is now the eighth month in a row when the PPI saw growth, following eight months of decline.
Year on year, prices in the key manufacturing sector increased 4.9%, while in the mining sector, the PPI prices declined by 3.8% y/y. PPI in the electricity, gas, steam and conditioning supply sector rose the most, by an annual 15.9% in October, while PPI prices in the water supply and waste management sector went up by 4.5%.
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