After two months of recovery, industrial production returns to negative. Istat estimates a decline of 0.7% in the seasonally adjusted index for July compared to June. In trend terms, the overall index, net of calendar effects, decreases by 2,1% (calendar working days were 21, as in July 2022). Thanks to the increases in industrial production in May and June, the average for the May-July period marks a production level increasing by 0.2% compared to the previous three months.
Istat observes that the monthly seasonally adjusted index grows on a cyclical basis only for energy (+3.7%); while it decreases for intermediate goods (-0.5%), for capital goods (-1.5%) and for consumer goods (-1.6%). On a trend level, however, among the main sectors only the capital goods sector is growing (+3.0%); However, consumer goods (-3.7%), energy (-4.0%) and intermediate goods (-4.5%) decreased. The only sectors of economic activity that show positive trend changes are the manufacturing of means of transport (+10.1%), the production of basic pharmaceutical products and pharmaceutical preparations (+5.8%) and the manufacturing of computers and electronic products (+0.4%). The remaining sectors are all in decline; the largest ones are recorded in the wood, paper and printing industry (-12.3%), in the manufacture of coke and refined petroleum products (-10.8%) and in mining (-10.1% ). “After two months of economic growth, the seasonally adjusted index of industrial production recorded a decrease in July; this is spread to the main sectors, with the exclusion of energy. However, the overall economic trend on average over the last three months is slightly positive. In trend terms, net of calendar effects, the general index is decreasing. Looking at the main industrial groups, widespread declines are observed (with the exception of capital goods), more marked for energy and intermediate goods”.
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2023-09-11 09:16:00
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