Italy: Industrial output grows at fastest pace in five months
August 6, 2013
In June, industrial output rose a seasonally adjusted 0.3% over the previous month (May: 0.1%), which was in line with market expectations. The increase marked the highest rise in five months. A strong rebound in mining and quarrying, as well as a softer drop in electricity, gas, steam and air conditioning, drove the result.
On an annual basis, industrial output fell a working-day adjusted 2.1%, which was above the revised 4.3% drop recorded in May (previously reported: -4.2% year-on-year). While the reading marked an improvement relative to the previous month, industrial output has now contracted for 22 months straight. Following the improved annual reading, the trend is pointing upwards, with annual average growth in industrial production rising from minus 5.4% in May to minus 5.0% in June.
FocusEconomics Consensus Forecast panellists see industrial production contracting 3.3% in 2013, which is down 0.1 percentage points from last month's forecast. For 2014, panellists expect industrial output to expand 0.9%.