Italy: Industrial production falls to lowest level in more than a year
September 12, 2013
In July, industrial output fell a seasonally-adjusted 1.1% over the previous month. The reading contrasted both the 0.2% expansion recorded in June (previously reported: +0.3% month on month), and market expectations which had industrial output growing at 0.3%. The result was driven by a strong contraction mining and quarrying as well as manufacturing.
On an annual basis, industrial output fell a working-day adjusted 4.3%, which was below the 2.1% drop recorded in June. Industrial production has been contracting for 23 consecutive months. In addition, annual average growth in industrial output inched up from minus 5.0% in June to minus 4.9% in July.
FocusEconomics Consensus Forecast panelists see industrial production contracting 3.3% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, panelists expect industrial output to expand 0.9%.
Author: Dirina Mançellari, Senior Economist