Industrial output dips in May

Latest reading: Industrial production dropped 0.7% month-on-month in seasonally adjusted terms in May (April: +0.9% mom s.a.). Looking at the details of the release, the downturn was driven by a contraction in manufacturing output. In contrast, mining and quarrying production plus energy supply improved. On an annual basis, industrial output fell to 0.8% in May (April: 0.0% yoy). Meanwhile, the trend improved modestly, with the annual average variation of industrial production coming in at minus 3.0%, up from April's minus 3.3%.

Panelist insight: Commenting on the outlook, ING’s Paolo Pizzoli stated: “More visibility on the prospective tariff level and the implementation of the German infrastructure investment plan might help Italian industry over the coming months, but the impact will likely be more visible starting from the latter part of 2025. In the meantime, industry looks set to remain a minor growth driver, if a driver at all, placing the burden on services to sustain momentum.”

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