Y’s industrial production fell by 0.9 per cent month-on-month in September, according to official figures released by Istat yesterday.
To add insult to injury, August’s figure was revised down to 0.2 per cent from 0.3 per cent.
The troubled nation fell into a triple dip recession in the first half of the year.
This Friday will see the release of official estimates for third-quarter GDP growth, which economists expect to show the Italian economy is still contracting.
A survey of Italian manufacturers – the purchasing managers’ index (PMI) compiled by Markit – shows industrial production was likely still weak in October as manufacturing is a major component of industrial production.
The manufacturing PMI scored 49 for October. Because it is below 50, this signifies a contraction. Movements in the manufacturing PMI have been consistent in predicting a recent downturn in industrial production.
Italy’s economic deterioration is in marked contrast to Spain’s, whose economy is showing renewed signs of life after joining Italy in a particularly sharp dip.