Italian Industrial Production Drops by 6.7pc since May 2022

Italian industrial production was down by 6.7% in July compared to May 2022, Istat said today. The national statistics agency said the textile, clothing and leather, and the wood sectors were hit particularly hard, with falls of 25% and 20.7% respectively in the period in question. It added these sectors "were probably affected by inflationary dynamics and the decrease in consumer purchasing power." Istat further said that its seasonally adjusted industrial production index dropped by 0.9% in July compared to June. The agency added that the calendar-adjusted industrial production index was down by 3.3% with respect to July 2023. The month-on-month fall comes after two months of rises. The sectors that registered the biggest drops in year-on-year terms were textiles, clothing, leather and accessories (-18.3%), the manufacturing of transport equipment (-11.4%) and mining (-5.9%). Source: Oman News Agency