Instead of the expected increase, Italy’s industrial production fell sharply in April compared to the previous month and year, according to data published by Italy’s statistical office, Istat, on Friday.
Seasonally adjusted industrial production fell by 1.9 percent month-on-month in April, to a level not seen since September 2022, although it had already contracted by 0.6 percent in March. Analysts expected an expansion of 0.3 percent.
Production of energy products decreased by 0.3 percent in April after a decline of 1.7 percent in the previous month, and production of intermediate products decreased by 2.6 percent after a decline of 0.4 percent recorded in the previous month. In the field of consumer goods, it was followed by a contraction of 0.4 percent in April, followed by a decline of 1.5 percent in March, while the production of capital goods decreased by 2.1 percent after the recorded increase of 0.7 percent in the previous month.
Italian industrial production fell by 7.2 percent on a revised calendar basis in April, the sharpest decline since July 2020, after contracting by 3.2 percent in the previous month. Analysts had previously expected a more modest annual decline of 4.1 percent for April. Disappointing Italian data shows that the European economy is still far from bottoming out.
