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Italian industrial production falls less than expected in June

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Italian industrial production falls less than expected in June

Industrial production in Italy declined slightly less than expected in June after registering month over month growth in May, data from the country's National Institute of Statistics showed.

The seasonally adjusted industrial production index edged down 0.2% month over month in June, compared with the Econoday consensus estimate for a 0.3% decline and a 0.9% gain recorded in the prior month.

Compared with the year-ago period, industrial production was down 1.2% in June. In May, industrial production registered a 0.7% year-over-year fall.

Italy continues to underperform owing to its dependence on external demand for growth, according to a June 26 report by S&P Global Ratings, which added that a weaker industrial sector and external demand are expected to adversely affect internal demand.