Italy: Industrial production goes downhill in June
Industrial contracted 0.2% in June on a month-on-month, seasonally-adjusted basis, contrasting May’s revised 1.0% increase (previously reported: -0.9% month-on-month). June’s downturn came on the back of lower production in the manufacturing, and mining and quarrying sectors. In contrast, production of electricity, gas, steam and air conditioning continued to expand. Within the important manufacturing sector, the production of electrical and electronic equipment, of textile products and of means of transportations dropped notably. On the flip side, the manufacture of pharmaceutical products—traditionally quite volatile—and of coke and oil products expanded.
On an annual basis, industrial production shrank 1.2% in June in calendar-adjusted terms, following May’s 0.7% drop. Meanwhile, annual average growth in industrial output was equal to minus 1.1% in June, down from the minus 0.9% print in May and the weakest reading in over five years.