Italy: Industrial production rebounds mildly in August
October 10, 2019
Industrial output rose 0.3% in August on a month-on-month, seasonally-adjusted basis, following July’s revised 0.8% drop (previously reported: -0.7% month-on-month).
August’s upturn largely reflected improving metrics in the all-important manufacturing sector. Manufacturing output contracted at a much softer pace than in the previous month in August, amid healthy growth in the manufacture of machinery and equipment, wood and paper products, and rubber and rubber products. On top of that, production of electricity, gas, steam and air conditioning continued to expand in August. On a less positive note, mining and quarrying output slid in August following a short-lived rebound in July.
On an annual basis, industrial production shrank 1.8% in August in calendar-adjusted terms, following July’s 0.7% drop. Meanwhile, annual average growth in industrial output was unchanged at the previous month’s minus 1.1% in August.
Author: Almanas Stanapedis, Economist