This stark decrease is underscored by the fact that, when adjusted for working days, the decline is slightly mitigated to 3.7%, the Central Statistical Office (KSH) writes.

A closer look at the manufacturing subsections paints a varied picture. The majority of these subsections experienced a decrease in production volume. Yet, there were exceptions to this trend. The manufacture of chemicals and chemical products, alongside the production of wood and paper products, including printing, saw an increase in output.

The first half of 2024 has been challenging overall, with production volumes 3.3% lower than in the same period of 2023.

However, not all the news is negative. Seasonally and working-day adjusted data shows a glimmer of hope, with industrial output in June 2024 being 0.5% higher than in May 2024.

KSH will release the more detailed second reading of June industrial production data next week.