Charts of the Week


Charts of the Week

Charts of the week from 8 to 12 July 2024: production volume in manufacturing and electricity consumption by consumption group

Amid strong monthly fluctuations, manufacturing output in the first five months of the year remained largely unchanged year-on-year. In June, industrial electricity consumption and small business consumption were lower than a year ago, partly due to three fewer working days. The decline in household consumption was less pronounced than in previous months, partly because the high base effect from June 2023, when the reduced VAT rate on some energy products was abolished, has faded.
 

After a decline in March, manufacturing output increased significantly in April, but then fell sharply again in May. Despite having the same number of working days as May last year, output was lower year-on-year. With strong monthly fluctuations in recent months, the production level in May remained above the last year’s average. All industry groups according to technology intensity experienced strong monthly fluctuations. In May, production shrank in all groups and was lower year-on-year. In the first five months of this year, manufacturing output was similar to the same period last year (0.2% higher). It was only slightly higher on average in the medium-low technology industries, where the energy-intensive manufacture of other non-metallic mineral products n.e.c. and the repair and installation of machinery and equipment were below the previous year's level. The production of machinery and equipment n.e.c., as well as some low-technology industries (wood and furniture, leather and textiles) were lower year-on-year. The energy-intensive chemical industry was also slightly lower.

 

Electricity consumption in the distribution network in June was lower year-on-year, partly due to fewer working days. With three fewer working days this June, industrial consumption was 4.5% lower year-on-year, and small business consumption was 5.6% lower. The year-on-year decline in household consumption (by 1.2%) was less pronounced than in previous months. This smaller decline was due to the fading high base effect from June last year, when the reduced VAT rate on some energy products was abolished.