September 4, 2017
Industrial production increased 8.8% in July compared to the same month last year, above June’s 7.4% year-on-year increase. Meanwhile, annual average growth in industrial production was 7.8% in July, up from the 7.3% expansion recorded in June and the highest rate since May 2012.
Industrial production grew at a faster annual rate in July than in June because of an acceleration in mining and quarrying, which expanded at its fastest rate since April 2014, and a rebound in electricity and gas. Conversely, growth in the manufacturing sector slowed in July.
In seasonally-adjusted terms, industrial production swung from a 0.4% month-on-month contraction in June to a 0.1% expansion in July.
Author: Edward Gardner, Economist