Italy: Industrial production contracts in September
November 9, 2012
In September, industrial output dropped a seasonally adjusted 1.5% over the previous month. The reading contrasted the 1.7% rise recorded in August but was virtually in line with market expectations of a 1.6% decline. The deterioration was driven by contractions in manufacturing as well as in electricity, gas and water supply. Compared to the same month last year, industrial output dropped a working-day adjusted 4.8%, which represents an improvement compared to August's 5.2% decline but marks, nonetheless, a 13th consecutive contraction. Despite the softer annual decline, the trend continues to point downward, with the annual average variation in industrial production falling from minus 5.5% in August to minus 5.7% in September.
Author: Armando Ciccarelli, Head of Data Solutions