September 8, 2014

In July, industrial production expanded a calendar-adjusted 3.6% over the same month last year, which was above the revised 1.6% increase tallied in June (previously reported: +1.4% year-on-year) and represented the strongest growth in three months. The print overshot the 1.3% increase that market analysts had expected. According to the statistical institute, July’s reading reflected an acceleration in manufacturing output as well as in the electricity, gas and steam category. Conversely, mining and quarrying slowed markedly in July.



A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production rose 1.8% in seasonally- and calendar-adjusted terms, which followed the 0.1% increase tallied in June. Annual average growth in industrial output inched down from 4.2% in June to 4.1% in July.

FocusEconomics Consensus Forecast participants expect industrial production to expand 3.9% in 2014, which is unchanged from last month’s forecast. Next year, the panel expects industrial output to increase 4.2%.