Italy industry output continues rebound in June
The rise followed a revised 41.6 percent jump in May, as the coronavirus lockdown was first lifted, and a drop of 20.5 percent in April, when most factories were shut down
Italian industrial output rose more strongly than expected in June as factories built on the exceptional surge seen in May when production resumed after coronavirus lockdown measures were eased, data showed on Thursday.
Statistics agency ISTAT reported an 8.2 percent rise in industrial production in June from the month before, compared with a median forecast of a 5.1 percent rise in a Reuters survey of 19 analysts.
The rise followed a revised 41.6 percent jump in May, as the coronavirus lockdown was first lifted, and a drop of 20.5 percent in April, when most factories were shut down.
On a workday adjusted year-on-year basis, ISTAT said output was still down 13.7 percent in June, following a revised 20.5 percent fall in May and a 43.4 percent drop in April.
The agency said the industrial output data showed a broad-based rise across all sectors, with consumer goods production rising 9.8 percent, investment goods up 8.1 percent and intermediate goods up 9.0 percent, with only energy showing a weaker 2.1 percent rise.
Economy Minister Roberto Gualtieri said the figures, which followed data last week showing a less severe drop in overall economic output during the second quarter than economists had feared, pointed to a strong rebound in the third quarter.
"Italy is on the right track. We are supporting workers and companies to overcome the crisis," he wrote on Twitter.
Like other countries, Italy, the eurozone's third-largest economy, has suffered an unprecedented shock from the coronavirus crisis which came on top of two decades of stagnation.
Since the lockdown easing began, it has been relatively successful in limiting the spread of the disease and recent survey data has pointed to a pickup in activity as companies have responded to pent up demand.
However ISTAT noted that despite the rebound since April, production was still well down on pre-crisis levels, with seasonally adjusted output 13 percentage points below its January level.
Last week, ISTAT reported gross domestic product down 12.4 percent in the second quarter. However many economists had been expecting even worse.