Italy: Industrial production contracts at fastest rate in more than a year
July 10, 2014
In May, industrial output fell a seasonally-adjusted 1.2% over the previous month, which contrasted the 0.5% increase tallied in April. May’s reading undershot the 0.2% expansion the markets had expected and marked the fastest contraction in 18 months. The result came on the back of a deterioration in manufacturing as well as in electricity, gas and steam.
On an annual basis, industrial output contracted a working-day adjusted 1.8%, which contrasted the 1.4% increase recorded in April and was the fastest contraction that has been recorded since September 2013. Meanwhile, annual average growth in industrial output stepped up from minus 1.3% in April to minus 1.1% in May, thus reaching the highest level since February 2012.
Author: Dirina Mançellari, Senior Economist