Italy: Industry deteriorates in July
September 12, 2014
In July, industrial output fell a seasonally-adjusted 1.0% over the previous month, which contrasted the 0.8% increase tallied in June. July’s reading came in below the 0.2% increase the markets had expected. The result reflected a contraction in electricity, gas, steam and air conditioning as well as in manufacturing. Conversely, production in mining and quarrying rebounded in July.
On an annual basis, industrial output fell a working-day adjusted 1.8%, which contrasted the 0.3% increase recorded in June and marked the fastest contraction in 10 months. Meanwhile, annual average growth in industrial output stepped up from minus 0.9% in June to minus 0.7% in July, thus reaching the highest level since February 2012.
Author: Dirina Mançellari, Senior Economist