Denmark: Manufacturing production enters the doldrums in August
Latest reading: Manufacturing production swung into contraction in August, contracting 4.8% month on month in seasonally adjusted terms and deteriorating from July’s 7.6% increase. Looking at the details of the release, August’s downturn was largely due to declines in non-durable consumer goods—which account for around 41% of manufacturing output—and investment goods output. More positively, intermediate goods production gained steam.
On a seasonally adjusted annual basis, manufacturing output rose at a softer rate of 12.3% in August (July: +18.4% yoy). Meanwhile, annual average manufacturing production growth rose to 10.0% in August (July: +9.6%). This signals an improving trend in the manufacturing sector.