Italy: Industrial output improves in May
July 10, 2013
In May, industrial output rose a seasonally adjusted 0.1% over the previous month, which contrasted the 0.3% fall recorded in April. However, the reading was below the 0.3% rise expected by markets. The rise was largely the result of an improvement in mining and quarrying as well as in manufacturing, whereas electricity, gas, steam and air conditioning deteriorated compared to the previous month.
On an annual basis, industrial output dropped a working-day adjusted 4.2%, which was above the revised 4.7% drop recorded in April (previously reported: -4.6%). Although the reading marked an improvement relative to the previous month, the figure still constitutes the 21st consecutive contraction in industrial output. Following the improved annual reading, the trend is pointing upwards, with annual average growth in industrial production stepping up from minus 5.6% in April to minus 5.4% in May.
FocusEconomics Consensus Forecast panellists see industrial production contracting 2.1% in 2013, which is unchanged from last month's forecast. For 2014, panellists expect industrial output to expand 1.5%.