Italy Industry July 2017

Italy

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.

FocusEconomics Consensus Forecast panelists see industrial production growing 1.2% in 2017, which is unchanged from last month’s forecast. For 2018, panelists expect industrial output to expand 1.0%.


Author: Massimo Bassetti, Economist

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Italy Industry July 2017

Note: Month-on-month changes of seasonally-adjusted industrial production and annual growth rate in %.
Source: National Statistical Institute (Istat) and FocusEconomics calculations.


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