Italy: Industrial production rebounds in May
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.