Industrial production was down 5.1% y/y in the revised calendar in July (June: -11.1% y/y). The smaller decline was largely due to a slight decline in industrial production. In contrast, power production decreased more strongly.
On a monthly basis, industrial output grew 1.7% in seasonally adjusted terms in July, which was significantly better than June’s 2.3% decline and was the best result since December 2021. Meanwhile, average annual industrial production growth fell to 5.2% in July ( June: +7.3%), which is its lowest level in more than a year.
Members of the FocusEconomics Consensus forecast committee expect industrial output to fall 0.8% in 2022, 0.7 percentage point higher than last month’s forecast, and to shrink 0.8% in 2023.