On a seasonally adjusted monthly basis, industrial production rose 0.4% in June (May: -0.1% mom). The recovery reflects the recovery in the production of intermediate and consumer goods. On the other hand, the production of capital goods decreased, while activity in construction decreased.
Industrial output fell 0.5% y/y in adjusted working day terms in June (May: -1.7% y/y). Meanwhile, the trend is down, with the annual average industrial production down 0.3% in June (May: +0.3%).
FocusEconomics poll respondents expected industrial production to shrink 0.2% in 2022. For 2023, the committee sees industrial production expanding by 2.1%.