Industrial production rose 0.4% month-on-month in seasonally-adjusted terms in July (June: -2.0% mom). The figure was partly due to a rebound in manufacturing output. In contrast, mining and quarrying production fell.
On an annual basis, industrial production declined 1.4% in July, which was greater than June’s 1.1% fall and marking the worst result since January. Accordingly, annual average industrial production growth fell to 2.3% in July (June: +3.2%), which marked an over one-year low.
FocusEconomics Consensus Forecast panelists see industrial production rising 1.6% in 2022, which is up 0.6 percentage points from last month’s forecast. For 2023, panelists expect industrial output to expand 1.6%