Italy: Industrial production contracts in May
July 8, 2011
In May, industrial output contracted a seasonally adjusted 0.6% over the previous month. The reading contrasted the 1.1% expansion recorded in April (previously reported: +1.0% month-on-month) and undershot market analyst expectations that had industrial output dropping 0.1% in May. Compared to the same month last year, industrial output rose 1.8% on a working-day adjusted basis, which was down from April's 3.8% year-on-year increase. As a consequence of the slowdown, the trend moderated, with annual average growth in industrial production stepping down from 5.3% in April to a seven-month low of 4.7% in May.
Author: Armando Ciccarelli, Head of Data Solutions