On a seasonally adjusted monthly basis, industrial production increased by 0.4% in June (May: -0.1% mom). The rebound reflects a recovery in the production of intermediate and consumer goods. Conversely, production of capital goods declined, while activity in the construction sector contracted.
Industrial production fell 0.5% yoy in terms adjusted for working days in June (May: -1.7% yoy). Meanwhile, the trend has intensified, with average annual industrial production contracting by 0.3% in June (May: + 0.3%).
Panel members interviewed by FocusEconomics expect industrial production to contract by 0.2% in 2022. For 2023, the panel expects industrial production to expand by 2.1%.