Bloomberg News

Italian Industrial Production Unexpectedly Increased in May

July 10, 2012

Italian industrial output unexpectedly rose in May.

Production gained 0.8 percent from April, when it dropped 1.9 percent, national statistics office Istat said in Rome today. Economists forecast a decline of 0.6 percent, according to the median of 20 estimates in a Bloomberg News survey. Production fell 6.9 percent from a year ago on a workday- adjusted basis.

The economy entered its fourth recession since 2001 in the fourth quarter and will likely contract 2.4 percent in 2012, employer’ lobby Confindustria said last month. Prime Minister Mario Monti is implementing austerity measures passed last December aimed at containing the country’s financing cost and public debt, Europe’s second-biggest. His Cabinet also approved last week 26 billion euros ($32 billion) of spending cuts over the next three years.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net;

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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