Italy Industry May 2021

Italy

Italy: Industrial output drops for first time in six months in May

July 9, 2021

Industrial output dropped 1.5% in month-on-month seasonally-adjusted terms in May, which contrasted April's 1.5% increase, marking the first contraction since November 2020. May's figure was largely due to a decline in manufacturing production. Meanwhile, mining and quarrying output fell at a softer rate compared to the previous month.

On an annual basis, factory output increased 21.1% in May, which was significantly below April’s 79.0% expansion. Meanwhile, annual average industrial production growth rose to 8.4% in May (April: +4.9%), signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project industrial production to expand 10.0% in 2021, which is up 0.3 percentage points from last month’s forecast. In 2022, the panel see industrial production growth at 3.8%.


Author:, Economist

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Italy Industry May 2021

Note: Month-on-month changes of seasonally-adjusted industrial production and annual growth rate in %.
Source: National Statistical Institute (Istat) and FocusEconomics calculations.


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