Italy: Industrial production back in the red in September
Industrial output dropped 0.4% in September on a month-on-month, seasonally-adjusted basis, contrasting August’s revised 0.4% increase (previously reported: +0.3% month-on-month).
September’s downturn largely reflected worsening metrics in the mining and quarrying sector, which shrank at a two-digit pace. Moreover, production of electricity, gas, steam and air conditioning contracted at a somewhat more pronounced pace in September. On the other hand, manufacturing output rebounded, albeit mildly, in the month, amid healthy growth in the manufacture of machinery and equipment, coke and oil products, and despite a slight decline in manufacturing of transport equipment.
On an annual basis, industrial production shrank 2.1% in September in calendar-adjusted terms, following August’s 1.7% drop. Meanwhile, annual the average variation in industrial output declined from minus 1.1% in August to minus 1.4% in September, the lowest reading in over five years.