Italy: Industrial production slumps again although contraction softens in April
Industrial output tumbled 19.1% in April on a month-on-month, seasonally-adjusted basis. The reading followed March’s record-sharp 28.4% contraction.
April’s softer contraction reflected less pronounced falls in the manufacturing and mining and quarrying sectors. Meanwhile, the utilities sector swung from a marked contraction in March to a marginal increase in April. Within the all-important manufacturing sector, the largest decreases were recorded in the production of means of transport, textiles and plastic products.
On an annual basis, industrial production nosedived 42.5% in April in calendar-adjusted terms, following March’s 29.4’s collapse and marking the worst reading in the history of the index. Meanwhile, the annual average variation in industrial production declined from minus 3.7% in March to minus 7.2% in April, the lowest reading in 10 years.