Industrial production rose 0.4% mom in July (June: -2.0% mom). This number is partly due to the recovery in industrial production. In contrast, the production of mines and quarries decreased.
On an annual basis, industrial production fell 1.4% in July, which is larger than June’s 1.1% decline and is the worst result since January. Accordingly, average annual industrial production growth fell to 2.3% in July (June: +3.2%), its lowest level in more than a year.
Members of the FocusEconomics Consensus forecast committee see industrial production rising 1.6% in 2022, 0.6 percentage points higher than last month’s forecast. For 2023, committee members expect industrial output to expand by 1.6%.