Italy: Industrial production rebounds in May

Industrial output grew 0.7% in May on a month-on-month seasonally adjusted basis, contrasting the revised 0.5% contraction registered in April (previously reported: -0.4% mom) and beating analysts’ expectations of a 0.5% expansion. The expansion came on the back of growth in the manufacturing sub-sector—which was positively influenced by a notable increase in the production of means of transportation—which more than offset declines in the electricity, gas, steam and air conditioning and mining and quarrying sub-sectors.

On an annual basis, industrial production expanded a working-day adjusted 2.8% in May, accelerating notably from April’s 0.9% rise. Annual average growth in industrial output also improved, increasing from 1.8% in April to 2.1% in May.

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%.