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Financial News: Denmark Industrial Production Falls In July

Denmark Industrial Production Falls In July

09/07/2020 - 05:36:00 (RTTNews)

(RTTNews) - Denmark's industrial production fell in July, mainly due to the large decline in output in the pharmaceutical industry, figures from Statistics Denmark showed on Monday.

Industrial production fell a seasonally adjusted 5.6 percent month-on-month in July, after a revised 5.1 percent rise in June.

In the May to July period, production decreased 5.7 percent from the previous three months.

The pharmaceutical industry was affected by the effects of COVID-19 pandemic in July, while the other industries were less affected, the agency said.

The pharmaceutical industry, which carries 20.1 percent weight on the index, witnessed a steep decline of 24.9 percent in output.

The production in transport industry decreased by 19.7 percent in July. Production in the non-durable goods and durable goods declined by 12.7 percent and 10.9 percent, respectively.

Meanwhile, production in the electronic industry and electrical equipment rose by 12.5 percent and 9.2 percent, respectively.

The industrial turnover rose 0.7 percent monthly in July.

The statistical office also reported that a total of 1,014 companies in the industry, corresponding to 15,124 jobs, made use of the government's wage compensation scheme during the 25th week of 2020, from June 15, the first week for which data is available.

In the 34th week, from August 17, this number fell to 388 companies, corresponding to 3,765 jobs.

The scheme covers private companies, where a minimum of 30 per cent of the staff or more than 50 employees were laid off, the agency said.

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