Italy: Industrial production drops in September
November 10, 2017
Industrial output contracted 1.3% in September on a month-on-month seasonally adjusted basis, contrasting August’s 1.2% growth and coming in well below analysts’ expectations, which forecast a 0.3% drop. The result came on the back of a decline in both the manufacturing and the electricity, gas, steam and air conditioning sub-sectors, while the mining and quarrying sub-sector remained unchanged from the previous month. The manufacturing sub-sector was particularly influenced by the notable contraction recorded in the production of both pharmaceutical, chemical and metal products.
On an annual basis, industrial production expanded by a working-day adjusted 2.4% in September, following August’s stronger 5.8% rise. September marked the eighth consecutive month of year-on-year growth. Annual average growth in industrial output remained unchanged at August’s 3.1% in September, the strongest print since September 2011.