Industrial turnover up but salaries slightly down

Industrial turnover in the first quarter increased by 1.8 per cent over the previous quarter and by 0.4 per cent over same quarter last year, according to provisional seasonally adjusted data published by the National Statistics Office.

However, working day adjusted hours decreased by 0.7 per cent when compared to the same quarter last year and salaries edged down by 0.1 per cent.

The NSO said that the growth in seasonally adjusted turnover was due to an increase in capital goods of 6.3 per cent, which outweighed all the main industrial groupings.

Seasonally adjusted employment remained stable when compared to the fourth quarter of

2011, while hours worked edged up by 0.3 per cent. On the other hand, wages and salaries decreased by 2.8 per cent from 95 points in the fourth quarter of 2011 to 92.3 points in the first quarter this year.

Year-on-year employment declined by 0.8 per cent, mainly due to drops in employment in intermediate goods and energy of 1.8 and 3.5 per cent, respectively.

Increases in employment were reported in capital and consumer goods of 0.3 and 0.8 per cent, respectively.