Italy saw its industrial production fall by 1% in October compared to September, thus suffering its second consecutive monthly decline, the National Institute of Statistics (Istat) reported on Tuesday.
In the August-October period, however, industrial production increased by 0.3% compared to the previous quarter. It had fallen 1.7% in September but rose 2.2% in August.
household consumption falls
The main industrial sectors saw their production fall in October by more than a month, including consumer goods (-3%), energy (-1.2%) and intermediate goods (-0.1%). Only capital goods saw their production increase, by 0.2%.
Compared to October 2021, industrial production fell by 1.6%, in data corrected for calendar effects. Despite rising energy prices and the war in Ukraine, Italy’s economic growth is expected to reach 3.9% this year, Istat estimated last Tuesday.
However, driven by investment and household consumption, growth should slow to 0.4% in 2023, according to the institute. For the last quarter of 2022, however, the Italian government expects a drop in GDP, due to the fall in industrial production and the slowdown in the service sector.
Source: BFM TV
