Italy's industrial production inches higher as economy continues to grow-Xinhua

Italy's industrial production inches higher as economy continues to grow

Source: Xinhua| 2024-07-11 01:32:00|Editor: huaxia

ROME, July 10 (Xinhua) -- Industrial production in Italy increased in May, reversing a recent downward trend and providing a little boost to the economy.

Italy's National Statistics Institute (ISTAT) said Wednesday that industrial production in May was 0.5 percent higher than in April, its first month-on-month increase in three months.

Though ISTAT called the increase a "positive dynamic," the country's industrial production levels for the three months ending in May were still down by 1.6 percent compared to the same period last year.

ISTAT said production of capital goods declined by 1.0 percent in May, but the other sectors all recorded production increases. Production of energy goods increased by 3.0 percent, and both consumer and intermediate goods grew by 0.7 percent.

Industrial production is a leading indicator of economic performance.

Italy's economy has grown in all but one economic quarter since the start of 2023. However, its quarterly growth did not surpass 0.4 percent in six of the last seven quarters, except the second quarter of last year, when there was a 0.2 percent contraction.

Italy's economy has also benefited from low inflation and a mostly positive consumer and business sentiment, according to the ISTAT surveys.