Index of industrial production, July 2000

The manufacturing output fell by 3.6 per cent in July compared with the same month last year. The decline was unevenly distributed among the different manufacturing activities. The two sectors contributing the most to the decline are the manufacture of food, beverages and tobacco, and the publishing and printing. The food, beverages and tobacco production decreased by 6.8 per cent, mainly due to a reduction in meat and beer production. On the other hand, the fastest growing manufacturing sector is the manufacture of chemicals and chemical products. The growth is mainly due to new orders and increased prices in the export markets.

It should be added that the figures for July and August are normally considered to be somewhat more uncertain than figures for other months due to vacation time. The basis for a more reliable analysis of the changes in production will improve when the August figures are available.

High oil and gas production

The oil and gas extraction activity recorded a substantial increase in July. Compared with the same month last year the production shows a weekly-adjusted growth rate of 10.3 per cent.