ROME (Reuters) – Italian industrial output was much softer than expected in July, falling 0.9% from the previous month after a 0.5% rise in June and getting the third quarter off to a weak start, data showed on Tuesday.
A Reuters survey of eight analysts had pointed to a 0.1% monthly decline in July.
On a work-day adjusted year-on-year basis, output in the euro zone’s third largest economy was down 3.3%, national statistics bureau ISTAT said – the 18th consecutive annual decline.
In the three months to July output was down 0.4% compared with the February-April period, as the country’s manufacturing sector continues to struggle.
July saw month-on-month declines in output of consumer goods, intermediate goods and investment goods, only partially offset by a rise in energy products.
The Italian economy expanded by 0.2% in the second quarter from the previous three months, preliminary data from national statistics bureau ISTAT showed in July, following a 0.3% rate in the first quarter.
Most analysts expect similar modest increases in gross domestic product rates through the rest of this year, yielding full-year 2024 growth of between 0.7% and 1%, broadly in line with last year’s 0.9% rate.
(Reporting by Gavin Jones)