Italy: Industrial output shrinks in September
Latest reading: Industrial output contracted 0.4% in month-on-month seasonally adjusted terms in September (August: 0.0% mom s.a.), surprising markets on the downside. Looking at the details of the release, the result was chiefly driven by the sharpest decline in energy production since May 2022. Moreover, mining and quarrying output grew at a slower pace. That said, manufacturing output rebounded.
On an annual basis, industrial output fell at a quicker rate of 3.9% in September (August: -3.3% yoy). Moreover, the trend pointed down, with the annual average decline in industrial production accelerating slightly to 2.9% in September from August’s 2.7% drop.