Italy: Industrial production drops unexpectedly in September
November 10, 2011
In September, industrial output contracted a seasonally adjusted 4.8% over the previous month, marking the largest monthly drop in production since December 2008. The reading contrasted the 3.9% rise recorded in August and surprised market analysts, who expected industrial output to grow 1.1% in September. Compared to the same month last year, industrial output dropped 2.7% on a working-day adjusted basis, which contrasted August's 4.7% year-on-year rise and marked the largest fall since December 2009. As a result of September's reading, the trend deteriorated notably, with annual average growth in industrial production falling from 2.9% in August to 2.2% in September, the lowest reading since September 2010.
Author: Armando Ciccarelli, Head of Data Solutions