Industrial production grew 1.9% mom in June (May: -1.6% mom). The reading recorded the best result since December 2021.
On an annual basis, industrial production fell 0.1% in June, which is less than May’s 2.0% decline. Meanwhile, the trend pointed to decline, with the average annual growth of industrial production coming in at 1.3% in June, down from May’s reading of 2.7%.
Members of the FocusEconomics Consensus forecast committee expect manufacturing output to grow 5.4% in 2022, a 0.5 percentage point increase from last month’s estimate, and a 3.6% increase in 2023.