Denmark: Manufacturing activity contracts at sharpest pace since September 2016 in July
Manufacturing output dived 10.0% in month-on-month seasonally adjusted terms in July, which contrasted June’s 6.1% increase. The figure marked the worst reading since September 2016. Looking at the details of the release, the downturn was largely driven by a deterioration in non-durable consumer goods output growth, as it recorded an over 14% monthly contraction. Similarly, investment goods output also swung to a decline.
On an annual basis, manufacturing production increased 5.4% in seasonally adjusted terms in July, which was well below June’s 13.1% expansion and marked the weakest result in nearly two years. Accordingly, annual average manufacturing production growth fell to 14.1% in July (June: +14.6%). This signals a worsening trend in the manufacturing sector.