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Italy: Industrial production falls by 1.5% in May

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May marked a pause in the recovery of Italy industrial production.

italy industrial production

Monthly, industrial production has dropped by 1.5% in Italy since May. This marks a halt after five consecutive monthly increases, said Friday the National Institute of Statistics.

The industrial production index increased 1.8% in April, following gains of 0.3% in March and 0.1% in February. In May, it reached 102.4, up from 104.5 the previous month and higher than the pre-pandemic level recorded in February (103.3).

Due to measures taken to curb the Coronavirus pandemic, industrial production decreased by 11.4% in 2020, the worst decline since the debt crisis in 2009.

Energy (-5.2%) and capital goods (-1.8%) recorded the most significant declines from April. Both consumer goods and intermediate goods decreased by 0.8%.

Industrial production increased by 21.1% in calendar-adjusted data compared to May 2020. In March and April 2020, Italy, the first country affected by the health crisis in Europe, imposed a strict lockdown, paralyzing a large part of its economy. In April 2020, industrial production fell by 21.3%.

The pandemic severely impacted the Italian economy last year, with a drop in GDP of 8.9%. Compared to the previous quarter, the Italian gross domestic product (GDP) increased by 0.1% in the first quarter, and the government hopes for growth close to 2% in the second quarter.

Rome anticipates a 5% GDP growth for 2021 as a whole.

For MetaNews.

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