Italy's Industrial Production Decreases By 7.2% In April Year-on-Year - Istat

The volume of industrial production in Italy decreased by 7.2% in April compared to the same period last year, which is the strongest decline in three years, the Italian National Institute of Statistics (Istat) said on Friday

MOSCOW/ROME (UrduPoint News / Sputnik - 09th June, 2023) The volume of industrial production in Italy decreased by 7.2% in April compared to the same period last year, which is the strongest decline in three years, the Italian National Institute of Statistics (Istat) said on Friday.

"The calendar adjusted industrial production index decreased by 7.2% compared with April 2022 (calendar working days being 18 versus 19 days in April 2022)," Istat said in a statement.

The Institute recorded a drop in production for the fourth month in a row and in all major industries. For the year, the decline was 12.6% in the energy sector and negative 11% in the production of intermediate goods, which are used not for final consumption but for further production of goods and services, while the production of consumer goods decreased by 7.

2%.

Istat said that Italy has not seen such a strong decline in industrial production for almost three years. A similarly bad decline was registered in July 2020 at 8.3% year-on-year. However, experts said that at that time the country was in the second stage of the emergency situation caused by the COVID-19 pandemic.

President of National Consumer Union Massimiliano Dona described the sharp decline in industrial production as a "severe defeat for companies and the entire country" as well as "demonstrating a lack of policies to restore the purchasing power of families."

Economic growth in the euro area almost stalled in early 2023, with domestic demand remaining weak at the moment, European Central Bank chief Christine Lagarde said on Monday.