Industrial output up 10% yr/yr in May

According to working-day adjusted figures, industrial output rose 7.4% year on year in May. Seasonally and workday-adjusted output rose 1.2% from April. The figures are unchanged from preliminary figures published on July 6.
According to seasonally and workday adjusted figures, domestic sales were up 0.3% from April and exports rose by 0.6%. Workday adjusted figures indicate 2.3% higher domestic sales volume in May than twelve months earlier and 12.7% higher export volume.
Exports of electric and optical equipment, which account for 40% of total exports of manufactured goods, increased 11% in volume terms compared to May 2005 and rose 13.2% in January-May. Exports of automotive companies, which account for one-fourth of total exports, were up 35.5% year on year in May and increased 29.4% over January-May 2005. These two groups account for two-thirds of total manufactured exports.
Domestic sales of manufactured goods rose 6.3% year on year in May, after falling a slight 0.6% from April. Sales were up 6.8% year on year in January-May. Domestic machinery sales rose 33.8% year on year in May and 30.7% year on year in January-May. Vehicle sales were up 17.1% year on year in May and they rose 15% year on year in January-May. Domestic sales volume of food products fell 2.7% year on year in May, but rose 3.5% year on year in January-May.
Labor productivity at companies with at least 5 employees improved 13% year on year in January-May, including the effect of a 2.3% fall in the number of staff. Productivity rose 12% up year on year in May.
The stock of industrial orders rose 15.8% year on year in May, boosted by a 22.7% rise in export orders. The twelve-month rise in orders decelerated, however, from 21.4% in April and 19.2% in March. Export orders rose more than 25% in both March and April in a twelve-month comparison. New export orders rose 7.2% year on year in May. New export orders fluctuated between a 12.5% decrease and a 44.8% increase in the first five months of 2006.