Italy: Industrial production edges up in May
July 10, 2012
In May, industrial output expanded a seasonally adjusted 0.8% over the previous month. The reading contrasted both the 2.0% drop recorded in April (previously reported: -1.9% month-on-month) and market expectations of a 0.2% decrease. The improvement was driven by a rebound in manufacturing, which recovered from a contraction in the previous month. Compared to the same month last year, industrial output dropped 6.9% on a working-day adjusted basis, which marks an improvement compared to April's 9.3% decline but represents nonetheless the ninth consecutive contraction. As a result, the trend continues to deteriorate, with the annual average variation in industrial production falling from minus 2.7% in April to minus 3.5% in May, the lowest level since May 2010.
Author: Armando Ciccarelli, Head of Data Solutions