Industrial output decline slows further to 26.7% yoy in July

Industrial production in the country decreased 26.7% yoy, the State Statistics Committee said this morning. The decline was the lowest drop this year, less steep than the 27.5% yoy drop in June and 31.8% yoy declines in May and April. In month-on-month terms, industrial output grew 4.9% in July. Andrii Parkhomenko: Much of July’s growth was due to the staggering increase in metallurgy output (+15.3% mom) and utilities (+11.8% mom), whereas other sectors were sluggish – food processing decreased 3.3% mom, chemicals and petrochemicals lost 5.3% mom, while machine building shed 2.0% mom.