Industrial output in July registered a 5.3% increase as compared to July 2003, under similar conditions with respect to the number of working days. The gross index rose by 1.9% against the corresponding period of last year. The gross index of industrial output from January 1st through July 31st 2004, soared by 4% as compared to the same period of the previous year. If calculated taking into account the maintenance of similar conditions, the index went up 3.8%. The industrial output growth rate (cumulated since January 1st) has witnessed a downward trend since April against the same period last year, after reaching a 5.8% peak in March. Monthly production registered sustained growth in July, though, coming close to the peak posted in February (5.4%), after a considerable slowdown in June. ZF

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