Italy: Industrial production rebounds, albeit timidly, in October
Industrial output increased 1.3% in October on a month-on-month, seasonally-adjusted basis. The reading contrasted September’s 5.1% slump.
October’s bounce-back reflected a turnaround in the manufacturing sector as well as a softer contraction in the mining and quarrying sector which more than offset a sharper fall in the utilities sector. Within the all-important manufacturing sector, the largest increases were recorded in the production of transport and electrical equipment.
On an annual basis, industrial production contracted 2.1% in October in calendar-adjusted terms, following September’s more pronounced 4.9% drop. Meanwhile, the annual average variation in industrial production was steady at September’s minus 10.8% in October.