Charts of the Week

Following a contraction in June, manufacturing output strengthened in July (seasonally adjusted); in the first seven months of the year, it was 2.6% higher year-on-year. Since the beginning of the year, the strongest growth in production has been recorded in high- and medium-high-technology industries, where several major investments (including the launch of electric passenger car production), made a significant impact on growth. Output in these industries was around 3% higher than a year earlier. The strongest growth was recorded in the manufacture of ICT equipment (14%), other machinery and equipment (10%), and motor vehicles, trailers and semi-trailers (6.7%), with the latter exceeding its year-earlier level following several years of decline. According to our estimate, output in the pharmaceutical industry, which has generally been on an upward trend over the longer term and remains furthest above its pre-2020 level, was broadly unchanged year-on-year. By contrast, output in the manufacture of electrical equipment and in the energy-intensive chemical industry was somewhat lower than a year earlier. Growth in low- and medium-low-technology industries has been more modest, with output in these industries averaging around 2% above its year-earlier level in the first seven months. Output was lower year on year only in some low-technology industries. 

The number of registered unemployed persons declined somewhat more markedly month-on-month in August than in previous months (seasonally adjusted, –0.7%) and was 2.4% lower year-on-year. This was mainly attributable to a lower inflow of first-time jobseekers into unemployment. The year-on-year decline in the number of long-term unemployed persons and unemployed persons aged over 50 continued (–3.5% and –4.6%, respectively). The number of unemployed young people (aged 15–29) was also slightly lower than a year earlier in August (8,586, down 1.9%), marking the first year-on-year decline since October 2024. In the first eight months of the year, the total number of unemployed persons was 0.8% lower than in the same period last year.

Electricity consumption in the distribution network was 5% higher year-on-year in August. Across the main consumer groups, industrial electricity consumption increased by 3.6%, consumption by other business users by 5.3%, and household consumption by 6.9%.