Italy: Industrial output growth picks up pace in June
Industrial output growth was stable at May’s 0.5% in month-on-month seasonally adjusted terms in June. A sharper expansion in manufacturing production was broadly offset by electricity, gas, steam and air conditioning output swinging into decline. Meanwhile, mining and quarrying contracted at the same rate as in May.
On an annual seasonally adjusted basis, industrial output fell 2.7% in June, a smaller drop than May’s 3.2% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production recording a contraction of minus 2.6% in June, down from May’s minus 2.5%.
Commenting on the reading, ING’s economist Paolo Pizzoli stated:
“For the time being, available data evidence points to a stabilisation in production rather than a rebound, with data in the current quarter likely following a see-saw profile, possibly with small monthly changes. For a more noticeable improvement we might have to wait for the end of 2024, provided the demand angle improves.”