Italy: Industrial production surprisingly strong in August
October 11, 2011
In August, industrial output expanded a seasonally adjusted 4.3% over the previous month. The reading contrasted the 0.3% drop recorded in July and came in above market analysts' expectations that had industrial output growing 0.2% in August. Compared to the same month last year, industrial output expanded 4.7% on a working-day adjusted basis, which contrasted July's 1.1% year-on-year drop and marked the largest pick-up since the beginning of the year. Despite the August increase, the trend moderated further, with annual average growth in industrial production stepping down from 4.0% in July to 3.2% in August, its lowest reading since September 2010.
Author: Armando Ciccarelli, Head of Data Solutions