Macedonian industrial output rose continuously this year, reaching a record rate of growth in September, new data show, BIRN reports.
Industrial output in Macedonia in September rose by 9.1 per cent in comparison with the same period last year, data show. This is the biggest growth since the country exited the economic downturn in 2012.
The industrial production index over the period January-September 2014, in comparison to the same period last year, was higher by 4.8 per cent, data from the State Statistical Office show.
The upturn is mainly a result of growth in the production of chemical products, mining and quarrying and the processing industry. However, the biggest growth - 46.5 per cent - compared to September last year was in the tobacco industry.
After two consecutive quarters of negative growth in 2012, Macedonia exited recession at the end of 2012 and finished 2013 with annual growth of around 1 per cent. Industry started this year with a solid growth rate of 6.4 per cent in January and maintaining a similar trend over the following months.
The latest data boost hopes that Macedonia is well on the road to economic recovery after several years of feeling the effects of the global economic and European crisis. More than 70 per cent of Macedonian exports go to Europe, so falling demand from there forced many companies to reduce production, or close.
