Industrial output increased 1.8 percent year-on-year in July, after growing 2 percent in June. Economists expected production to increase 3.4 percent. Production in the manufacturing sector grew 2.3 percent, while output in the mining and quarrying industry dropped 2.7 percent annually. Output of electricity, gas, steam and air conditioning supply dropped 3.1 percent during the month.
On a monthly basis, industrial production decreased 6 percent during the month, faster than the 4.3 percent fall economists expected. In the January-July period, industrial output advanced 6.4 percent from the corresponding period last year. At the same time, output in the construction industry climbed 16.4 percent year-on-year in July, while on a monthly basis it decreased 3.5 percent.
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