Italy: Industrial production picks up in September
November 12, 2013
In September, industrial output rose a seasonally-adjusted 0.2% over the previous month. The reading contrasted the revised 0.2% drop recorded in August (previously reported: -0.3% month on month), but came in below market expectations of a 0.3% increase. At a sector level, manufacturing as well as electricity, gas and water improved over to the previous month, whereas mining and quarrying recorded a larger contraction compared to August.
On an annual basis, industrial output fell a working-day adjusted 3.0%, which was below the 4.6% drop recorded in August. Industrial production has been contracting for 25 consecutive months. Meanwhile, annual average growth in industrial output fell from minus 4.7% in August to minus 4.9% in September.
FocusEconomics Consensus Forecast panelists see industrial production contracting 3.2% in 2013, which is down 0.3 percentage points from last month's forecast. For 2014, panelists expect industrial output to expand 0.8%, which is down 0.1 percentage points from last month's projection.
Author: Armando Ciccarelli, Head of Data Solutions