Welder symbolizes the development of production in the manufacturing sector; Source: iStock.com/Tony Tremblay

© iStock.com/Tony Tremblay

According to the Federal Statistical Office [1], output in the goods-producing sector was flat in July as compared to the previous month (0.0%). [2] Output in industry and construction rose slightly by 0.3% and 0.5% respectively, whereas energy generation was down on the previous month.

Manufacturing industry output has not increased further over the last two months. As an average for the months of June and July, output was 0.5% below the level of the two preceding months. Construction output was also sluggish in the last two months, but due to changes in the scope of the reporting at the beginning of the year, this is still difficult to assess.

Industrial output developed very dynamically in the first half of this year. In February, it rose above the pre-crisis level of 2008 for the first time, and it reached a new all-time high in May. However, the fast pace set in the preceding months did not continue into the summer. Nevertheless, the indicators point towards a continuation of the positive industrial situation. Going by the number of new orders, however, the rate of expansion is likely to be lower than in the first half of the year.

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[1] Press release by the Federal Statistical Office of 7 September 2017.
[2] All figures are based on provisional data and have been adjusted for price, calendar-day and seasonal factors (Census X-12-ARIMA).