Austria: Industrial activity records largest drop in over two years in July
September 9, 2022
Industrial output dropped 3.9% in month-on-month seasonally-adjusted terms in July, which was a deterioration from June's 0.8% decrease. The outturn marked the worst reading since April 2020. The reading reflected a broad-based downturn across the major sectors, with durable consumer goods, capital goods and non-durable consumer goods all contracting in July.
On an annual basis, industrial production rose at a more moderate pace of 5.1% in July (June: +10.5% yoy), the worst result since October 2021. Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 8.2%, down from June's 8.3% reading.