After adjustment for working day patterns, manufacturing output in July 2005 was almost the same as in July 2004. In the first six months of this year industrial production was 0.4 percent lower than in the first six months of 2004.
It is best to use the seasonally adjusted figures to determine trends and changing growth rates in production. Because the monthly seasonally adjusted figures show a somewhat erratic course, the average over two months is compared to the average over the preceding two months.
After adjustment for seasonal effects and working day patterns, manufacturing output in June-July 2005 equals the level of April-May 2005. However, the two previous two-month periods still showed some growth. The stabilisation is mainly caused by a decrease of the production in the metal industry. The output in other sectors increased.
The production of raw materials and semi-manufactured products rose in the period June-July 2005. Also slightly more consumer goods were produced compared to April-May. The production of investment goods decreased.