Italy: Industrial production plunges in June
August 7, 2012
In June, industrial output fell a seasonally adjusted 1.4% over the previous month. The reading contrasted the 1.0% rise recorded in May (previously reported: +0.8% month-on-month) and was below market expectations of a 1.0% decrease. The deterioration was broad-based, with two out of the three main sectors experiencing contractions over the previous month. Compared to the same month last year, industrial output dropped 8.2% on a working-day adjusted basis, which marks a deterioration compared to May's 6.7% decline and the 10th consecutive contraction. As a result, the trend continues to point downwards, with the annual average variation in industrial production falling from minus 3.4% in May to minus 4.2% in June, the lowest level since May 2010.
Author: Armando Ciccarelli, Head of Data Solutions