Italy: Industrial production jumps in August
October 10, 2017
Industrial output expanded 1.2% in August on a month-on-month seasonally adjusted basis, following the much weaker 0.1% growth registered in July and comfortably beating analysts’ expectations, which forecast a 0.1% increase. The result came on the back of a broad-based expansion as all three of the sub-sectors which compose the index grew. Specifically, the electricity, gas, steam and air conditioning sub-sector swung from contraction to expansion, while both the manufacturing and the mining and quarrying sectors expanded at a faster pace than in July—with the latter benefiting from strong increases in the production of both pharmaceutical and metal products.
On an annual basis, industrial production expanded by a working-day adjusted 5.7% in August, following July’s 4.6% rise. August marked the seventh consecutive month of year-on-year growth. Annual average growth in industrial output also improved, increasing from 3.0% in July to 3.1% in August, the strongest print since September 2011.