Source: iStock.com/Tony Tremblay

© iStock.com/Tony Tremblay

According to the Federal Statistical Office [1], output in the goods-producing sector declined by 0.3% in May as compared to the previous month.[2] While industrial output fell by 0.5%, the construction sector recorded a 1.3% increase.

The two-month comparison for April/May compared with February/March shows a slight increase of 0.6% in manufacturing output. Whilst industrial output fell by a slight 0.2%, construction output picked up by 3.1% in the two-month comparison, which is accounted for by a weak February. Within industry, the important sector of cars and car parts recorded a sharp drop of 6.9%. The mechanical engineering sector, which is of similar significance, saw a 2.4% increase in output.

The month of May witnessed another decline in industrial output, which is largely due to persistent shortages in the supply of semiconductors in the automotive sector. On the whole, however, the outlook for the industrial sector remains positive given the continuous high level of demand as well as significant improvements in the business climate and in export expectations. Output in the construction sector stabilised at a high level.

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[1] Press release by the Federal Statistical Office of 7 July 2021.
[2] All figures are based on provisional data and have been adjusted for price, calendar day and seasonal factors (X13 JDemetra+ procedure).