Italy: Industrial production moderates pace of contraction
September 12, 2012
In July, industrial output fell a seasonally adjusted 0.2% over the previous month. The reading was better than both the 1.3% drop recorded in June (previously reported: -1.4% month-on-month) and market expectations of a 0.4% decrease. The improvement was broad-based, with all the three main sectors experiencing better results than in June. Compared to the same month last year, industrial output dropped 7.3% on a working-day adjusted basis, which represents an improvement compared to June's 7.9% decline but marks, nonetheless, the 11th consecutive contraction. Despite the softer decline, the trend continues to point downwards, with the annual average variation in industrial production falling from minus 4.1% in June to minus 4.6% in July, the lowest level since May 2010.
Author: Armando Ciccarelli, Head of Data Solutions