Italy: Industrial production contracts more than expected
December 10, 2012
In October, industrial output dropped a seasonally adjusted 1.1% over the previous month. The decline was smaller than the 1.3% fall recorded in September but larger than the 0.3% contraction expected by the market. The decline 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 6.2%, which represents a deterioration compared to September's 5.0% decline and marks a 14th consecutive contraction. As a result, the trend continues to point downward, with the annual average variation in industrial production stepping down from minus 5.7% in September to minus 5.9% in October.
Author: Armando Ciccarelli, Head of Data Solutions