Registered on biggest drop since December 2008 for Italian industrial production: -4,8% in September 2011. This was declared by Istat, also revising downwards the August data, from 4,3% to 3,9%. The industrial production index adjusted for working days decreased by 2,7% compared to September 2010 and +4,7% in August this year.
According to Intesa Sanpaolo analyst Anna Maria Grimaldi, production collapsed in the third quarter throughout Europe and although Italy's slowdown is perhaps even "stronger than France and Germany, but there is also a correction compared to the August figure, which suffers from high seasonality”.
Istat also communicated that the only seasonally adjusted index to record growth is that of thethe energy (+6,7%) while the greatest trend decreases are observed in the textile, clothing, leather and accessories industries (-12,7%) and the manufacture of chemical products (-9,3%).
Considering only the third quarter the overall decrease in industrial production is 0,1% compared to the previous three months.
This morning the European Commission has reviewed down his growth estimates for Italy: +0,5% for 2011, compared to the 0,7% expected in September.
