Italy: Industrial production surprisingly rebounds in August
October 18, 2012
In August, industrial output rose a seasonally adjusted 1.7% over the previous month. The reading contrasted both the 0.1% drop recorded in July (previously reported: -0.2% month-on-month) and market expectations of a 0.4% decrease. The figure, in fact, marks the highest monthly increase in more than two and a half years. The improvement was driven by a strong increase in manufacturing, while the other two main industrial sectors recorded worse performances compared to the previous month. Compared to the same month last year, industrial output dropped a working-day adjusted 5.2%, which represents an improvement compared to July's 7.2% decline but marks, nonetheless, the 12th consecutive contraction. Despite the softer annual decline, the trend continues to point downwards, with the annual average variation in industrial production falling from minus 4.6% in July to minus 5.5% in August, the lowest level since May 2010.
Author: Armando Ciccarelli, Head of Data Solutions