Downturn Levelling Off

The sharp downturn in exports and industrial output has come to a half in recent months. However, the year-on-year gap is considerable, with –8 percent and –4 percent, respectively. While foreign orders to manufacturing industry remain on a downward trend, domestic demand for consumer goods and services stays firm. Employment has so far kept a high level implying a fall in productivity. Consumer price inflation is slow in abating, the annual rate fell to 3.6 percent in June.