Italy: Industrial output unexpectedly drops
May 10, 2013
In April, industrial output fell a seasonally adjusted 0.3% over the previous month, which was above the revised 0.9% contraction recorded in March (previously reported: -0.8% month-on-month). That said, the contraction contrasted market expectations that had industrial production unchanged over the previous month. The smaller contraction was largely the result of an improvement in manufacturing as well as in mining and quarrying, whereas electricity, gas, steam and air conditioning deteriorated compared to the previous month.
On an annual basis, industrial output dropped a working-day adjusted 4.6%. The figure marks an improvement over revised 5.3% decline seen in March (previously reported: -5.2% year-on-year) but constitutes nonetheless the 20th consecutive contraction in industrial output. That said, the trend is pointing upwards, with annual average growth in industrial production stepping up from minus 5.9% in March to minus 5.6% in April.
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%.