May industrial production fell 1.7% year on year (April: -1.6% year on year). This figure was the worst performance since February 2021. The weakening was partly due to a deterioration in manufacturing output as it recorded its weakest reading since October 2020. Conversely, mining and quarrying output declined more moderately.
On a monthly basis, seasonally adjusted industrial production fell at a milder pace of 0.2% in May (April: -1.9% m/m), the best result since December 2021. production in May was 5.3% compared to 6.4% in April.
FocusEconomics experts predict a 10.1% drop in industrial production in 2022, which is 0.1 percentage points higher than last month’s forecast. In 2023, the panel expects industrial production to fall by 1.0%.