Lower sales, higher investment in manufacturing industry

During the fourth quarter of last year, sales by the sampled manufacturing enterprises stood at Lm249 million (€580 million), a drop of Lm27.3 million (€63.6 million) when compared to the same period in 2006, the National Statistics office said yesterday.

The slide was mainly due to the radio, TV and communication equipment sector and the tobacco sector (no operations by sampled enterprises during 2007).

Higher sales were registered by the chemicals and chemical products and the electrical machinery and apparatus sector.

Export-oriented enterprises generated €466.8 million (Lm200.4 million) or 80.5 per cent of the total sales.

Total sales for last year stood at €2,377.1 million (Lm1,020.5 million), a decrease of €54.7 million (Lm23.5 million) when compared to 2006.

Overall employment in the sampled enterprises declined by 606 employees to 17,676 when compared to the same period of 2006.

Lower employment levels were recorded mainly in the wearing apparel and clothes sector, and the radio, TV and communication equipment, with a decrease of 722 and 361 employees respectively.

More jobs were mainly recorded in the chemicals and chemical products sector, and the electrical machinery and apparatus sector, with 212 and 158 employees respectively.

A total of €70.8 million (Lm30.4 million) was paid out in gross wages and salaries by the sampled enterprises while €30 million (Lm12.9 million) investment was recorded. This was 5.9 per cent higher than that during the comparable quarter in 2006.

Last year, investment totalled €168.9 million (Lm72.5 million), an increase of €29.8 million (Lm12.8 million) over 2006.

This investment in the sampled enterprises is distributed as follows: 87.4 per cent investment in machinery, equipment and furniture/fittings and 12.6 per cent in buildings.