Italy: Industrial production contracts again in July
Industrial contracted 0.7% in July on a month-on-month, seasonally-adjusted basis, following June’s revised 0.3% drop (previously reported: -0.2% month-on-month). July’s fall came on the back of lower production in the manufacturing sector. In contrast, production of electricity, gas, steam and air conditioning continued to expand and mining and quarrying output rebounded. Within the important manufacturing sector, the production of pharmaceutical products—traditionally quite volatile—plummeted, and the production of rubber and rubber products contracted. On the flip side, the manufacture of chemical products and of electronical products expanded.
On an annual basis, industrial production shrank 0.7% in July in calendar-adjusted terms, following June’s 1.2% drop. Meanwhile, annual average growth in industrial output was equal to minus 1.1% in July, up from the minus 1.2% print in June.