Industrial production growth eased to 3.7% year on year in June, down from May’s 8.7% increase. The print reflected softer expansions in the mining and quarrying, and manufacturing sectors. The contraction in energy output moderated, however. Meanwhile, annual average industrial production growth stabilized at May’s 2.8% in June.
Lastly, industrial output contracted 0.2% on a monthly basis in June, up from May’s 2.0% contraction.
FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.4% in 2022, which is up 0.1 percentage points from last month’s estimate. In 2023, the panel sees industrial production rising 3.2%.