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Italy Industrial production August 2023

Italy: Industrial output rebounds in August

Industrial output rose 0.2% in month-on-month seasonally-adjusted terms in August, which contrasted July’s 0.9% decrease. August’s pickup was largely driven by a rebound in manufacturing production. In contrast, mining and quarrying production fell notably.

On an annual basis, industrial output fell at a quicker rate of 4.2% in August (July: -2.2% yoy). Moreover, the trend pointed down, with the annual average variation of industrial production coming in at an over two-year low of minus 2.4% in August, down from July’s minus 2.0% reading.

Commenting on the release, Paolo Pizzoli, senior economist at ING, stated: “The breakdown suggests that the normalization in supply chains has had a positive effect on production and that energy hungry sectors remain vulnerable, given the recent turns in the international backdrop. […] With industry at best flattening out in the third quarter, the onus remains on services and construction for growth. For the time being, the Italian economy will struggle to do better than stagnating.”

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