Italy Industry May 2019

Italy

Italy: Industrial production rebounds in May

July 10, 2019

Industrial output rose 0.9% in May on a month-on-month, seasonally-adjusted basis, contrasting April’s revised 0.8% decrease (previously reported: -0.7% month-on-month). May’s rebound came on the back of higher production in the manufacturing, and mining and quarrying sectors. In contrast, production of electricity, gas, steam and air conditioning swung from expansion to contraction. Within the important manufacturing sector, the production of electrical and electronic equipment, and of means of transportations expanded notably. On the flip side, the manufacture of pharmaceutical products—traditionally quite volatile—and of rubber and plastic products dropped.

On an annual basis, industrial production shrank 0.7% in May in calendar-adjusted terms, following April’s 1.5% drop. Meanwhile, annual average growth in industrial output was equal to minus 1.0% in May, down from the minus 0.7% print in April and the weakest reading in nearly five years.

FocusEconomics Consensus Forecast panelists see industrial production recording zero growth in 2019, which is down 0.1 percentage points from last month’s forecast. For 2020, panelists expect industrial output to expand 1.0%.


Author: Massimo Bassetti, Economist

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Italy Industry May 2019

Note: Month-on-month changes of seasonally-adjusted industrial production and annual growth rate in %.
Source: National Statistical Institute (Istat) and FocusEconomics calculations.


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