Italy: Industrial production contracts for a third consecutive month in July
September 12, 2011
In July, industrial output contracted a seasonally adjusted 0.7% over the previous month. The reading represented a small improvement compared to the 0.8% drop (previously reported: -0.6% month-on-month) recorded in June but came in below market analyst expectations that had industrial output falling 0.1% in July. Compared to the same month last year, industrial output contracted 1.6% on a working-day adjusted basis, which contrasted June's 0.1% year-on-year increase and marked the first contraction since December 2009. As a consequence of the drop, the trend moderated further, with annual average growth in industrial production stepping down from 3.9% in June to 3.1% in July, the lowest reading since September 2010.
Author: Armando Ciccarelli, Head of Data Solutions