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