If adjusted according to the number of working days and the seasonal feature, industry production in the first quarter was 11.8 percent below that registered in Q1 2008. The sharpest decline (15.2 percent) was registered in the manufacturing industry.
Moreover, factory production fell 0.7 percent in March compared to February. Industrial production declined in terms of both unadjusted and adjusted series in March 2009 compared to March 2008, by 8.5 percent and 12.1 percent, respectively.
March is the sixth consecutive month that registers a drop in industry production. September 2008 was the last month of growth, registering a 3.8 percent increase year-on-year.
The industry was not the only sector in the red in March. An INS report shows that turnover in retail dropped by an annual 7.1 percent in March 2009, mainly due to a decline in sales of fuel and non-foodstuffs.
