In July, industrial production increased 6.0% over the same month last year, which contrasted the 12.4% decrease recorded in May. June’s result had marked the weakest in a year and a half but July’s figure was the strongest in seven months. The expansion in July was driven by substantial growth in the construction and tourism industries. In contrast, manufacturing and Suez Canal operations declined in annual terms in July. 

On a sequential basis, industrial production increased 0.2% over the previous month, which contrasted the 4.1% decrease registered in June. However, annual average growth in industrial production slowed from 9.9% in June to 9.6% in July.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.7% in 2015, which is unchanged from last month’s estimate. The panel expects industrial production to grow 3.6% in 2016.