Italy: Industrial production drops for second consecutive month in October
December 8, 2011
In October, industrial output contracted a seasonally adjusted 0.9% over the previous month, a result which followed the revised 4.6% drop recorded in September (previously reported: -4.8% month-on-month) and marked a second consecutive monthly drop. The October result came in below market expectations of a softer 0.3% decrease. Compared to the same month last year, industrial output dropped 4.2% on a working-day adjusted basis, following September's 2.7% contraction and marked the largest fall since December 2009. As a result of October's reading, the trend deteriorated notably, with annual average growth in industrial production falling from 2.2% in September to 1.4% in October, the lowest reading since August 2010.
Author: Armando Ciccarelli, Head of Data Solutions