ITALY DATA
- Industrial production in Italy declined by 1.9% m/m in April, the fourth consecutive monthly fall and a significant deterioration on the 0.6 m/m decline recorded in March. Compared to April 2022, the decline was 7.2%.
- The manufacture of wood and paper products, electricity & gas, chemical products and metals were key contributors to this worsening trend, as all these sub-sectors recorded a year-on-year decline exceeding 10%.
- The weak numbers follow muted April industrial production figures in Germany (up 0.3% m/m, compared to expectations of a 0.6% rise) and stronger than expected figures in France (up 0.8% m/m).
- Following Thursday's data showing that the Eurozone has entered a technical recession in Q1, the latest y/y national data indicates a continuation of manufacturing weakness across the bloc, giving the ECB another headache ahead of the June 15 interest rate meeting.
- Source: ISTAT
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