Industrial production increased by 0.4% on a monthly basis in seasonally adjusted terms in July (June: -2.0% m / m). The figure is partly due to a rebound in manufacturing output. Conversely, mining and quarrying production has decreased.
On an annual basis, industrial production decreased by 1.4% in July, higher than the 1.1% decline in June, marking the worst result since January. As a result, the average annual growth of industrial production fell to 2.3% in July (June: + 3.2%), marking the lowest in over a year.
FocusEconomics Consensus Forecast speakers see industrial production up 1.6% in 2022, up 0.6 percentage points from last month’s forecast. For 2023, speakers expect industrial production to expand by 1.6%