Manufacturing activity drops at sharpest rate since December 2023 in July

Latest reading: Manufacturing production fell 4.0% year on year in July (June: +0.4% yoy). The result marked the worst reading since December 2023 and was driven by weaker food products output. In addition, production contracted in both the automotive vehicles and the chemical products sub-sectors. Lastly, refined petroleum products dropped at a sharper rate compared to the prior month, while computer and electronic products output increased. On a monthly basis, manufacturing production dropped 2.2% in seasonally adjusted terms in July, which was greater than June’s 1.6% fall and marking the worst result since August 2024. Meanwhile, the trend pointed down, with the annual average variation of manufacturing production coming in at minus 1.2% in July, down from June's minus 0.7%.

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