Skyline of Florence, Italy

Industry in Italy

Italy Industry

Industrial output growth wanes in June

Industrial output increased 0.5% month-on-month in seasonally-adjusted terms in June (May: +1.7% mom). June’s slowdown was partly driven by a deterioration in manufacturing production growth. In addition, mining and quarrying output fell.

On an annual basis, factory output fell 0.8% in June, which was significantly better than May’s 3.5% fall and marking the best result since January. Moreover, the trend improved slightly, with the annual average variation of industrial production coming in at minus 1.9%, up from May’s minus 2.0%.

Commenting on the outlook, Paolo Pizzoli, senior economist at ING, stated:

“Industry looks set to remain a growth drag in the third quarter, but possibly less than it was in the second. The onus of growth will likely rest on services and construction, benefiting in turn from a good tourism season and the final rush to complete works benefiting from generous tax incentives. We believe that the combination of these factors will allow a return to modest positive GDP growth in the third quarter. The Italian economy might thus manage to avoid a technical recession, but, for the time being, can hardly do better than stagnation.”

Italy Industry Chart

This chart displays Industrial Production (ann. var. %) for Italy from 2013 to 2022.

Italy Industry Data

2018 2019 2020 2021 2022
Industrial Production (ann. var. %) 0.8 -1.2 -11.0 11.7 0.5

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