Italy: Lockdown strikes historic blow to industrial sector in March
Industrial output collapsed 28.4% in March on a month-on-month, seasonally-adjusted basis. The reading followed February’s milder 1.0% drop and marked the worst performance of the industrial sector on record.
March’s dive reflected sharp fall in the manufacturing and mining and quarrying sectors. Meanwhile, the utilities sector contracted at a notable albeit softer pace. Within the important manufacturing sector, the largest decreases were recorded in the production of means of transport and textiles, both of which more than halved.
On an annual basis, industrial production crashed 29.3% in March in calendar-adjusted terms, following February’s 2.3% fall and also marking the worst reading in the history of the index. Meanwhile, the annual average variation in industrial production declined from minus 1.4% in February to minus 3.7% in March, the lowest reading in over six years