Industrial Production Down Y-on-Y, Up on Previous Month

In July 2023, the volume of industrial production dropped by 2.6% year-on-year. Based on working-day adjusted data, production declined by 2.5%. According to seasonally and working-day adjusted data, industrial output was 2.8% higher than in June 2023, the Central Statistical Office reports.

The majority of the manufacturing subsections were involved in the decrease in industrial production. Out of the subsections having the largest weight, the volume of production grew at the highest rate in the manufacture of transport equipment, and also increased in the manufacture of electrical equipment, while it declined in the manufacture of computer, electronic and optical products, as well as that of food products, beverages and tobacco products.

In the first seven months of the year industrial production was 4.5% lower than in the same period of 2022.

Industrial output in July – according to seasonally and working-day adjusted indices – was 2.8% above the level of the previous month.