NEWS | Wednesday, 21 November 2007

Q3 manufacturing sales and employment down, investment

Sales and employment in the manufacturing industry declined during the third quarter of 2007 when compared to the same quarter last year. The survey of conducted by the National Statistics Office also showed that investment in the sector increased.
During the third quarter of 2007 total sales by the sampled manufacturing enterprises decreased by Lm9.2 million or 3.4 per cent, to Lm257.4 million from Lm266.6 million for the same period last year.
The decrease was mainly due to the Radio, TV and Communication equipment sector, the Tobacco sector (operations of sampled enterprises ceased in 2006) and the Wearing Apparel and Clothes Manufacturing sector (due to the closure of one of the main enterprises).
Higher sales during the third quarter this year were registered mainly by the Chemicals and Chemical Products, the Electrical Machinery and Apparatus sector and the Furniture and Other Manufacturing sectors.
When comparing sales for the January-September 2007 period to the corresponding quarters last year, an increase of Lm2 million was registered.
Export-oriented enterprises generated Lm208.1 million or 80.8 per cent of the total sales in the third quarter.
On the otherhand Q3 experienced an overall employment decline of 705 employees to 17,817 when compared to the same period last year.
Lower employment levels were recorded mainly in the Wearing Apparel and Clothes sector, with a decrease of 718 employees. Other decreases were registered by the Radio, TV and Communication Equipment, and the Food and Beverages, Tobacco Products sectors. Increases in employment were mainly recorded in the Electrical Machinery and Apparatus, and the Chemicals and Chemical Products sectors.
In the period under review an amount of Lm30.2 million was paid out in gross wages and salaries by the sampled enterprises.
Meanwhile, overall investment in the sector advanced to Lm22.7 million, an increase of Lm9.0 million when compared to Q3 of 2006.
During the first three quarters of 2007, investment totalled Lm59.2 million, an increase of Lm11.8 million over the Lm47.5 millon registered in 2006.