Italy: Industrial production growth decelerates significantly in July
September 12, 2017
Industrial output grew 0.1% in July on a month-on-month seasonally adjusted basis, following the 1.1% expansion registered in June and beating analysts’ expectations, which forecast a 0.3% contraction. The expansion came on the back of an expansion in two of the three sub-sectors which compose the index: the manufacturing sub-sector, which was positively influenced by a notable increase in the production of food, beverages and tobacco as well as in the production of machinery and equipment; and the mining and quarrying sub-sector. On the other hand, the electricity, gas, steam and air conditioning sub-sector contracted.
On an annual basis, industrial production expanded by a working-day adjusted 4.4% in July, following June’s revised 5.2% rise (previously reported: +5.3% year-on-year). Annual average growth in industrial output also improved, increasing from 2.6% in June to 3.0% in July, the strongest print since October 2011.