Contrasting data from the economies of Germany and Italy. Record a strong leap forwardGerman Ifo index, which measures the confidence of the country's entrepreneurs. In May, the index rose to 107,7 with a figure well above the consensus estimate of analysts which stopped at moderate growth (106,8) compared to April: 106,6.
The performance of Italian industry was less exciting, registering the worst braking since the summer of 2013 with a contraction in turnover of 3,6% compared to the same period last year and of 1,6% on February. Orders also decreased (-3,3%), which however, compared to the previous year, grow by 0,1%. Driving the collapse is in particular the car sector which drops by 6,5%, recording the first setback since December 2013. Data that worries insiders because they risk weighing down the already slow economic recovery.
In detail, the decline in turnover is a summary of the 2,6% decline on the domestic market and a slight increase (+0,1%) on foreign orders, while the reduction in orders concerns both domestic demand (-1,5%) and foreign demand (-5,8%). In particular, the seasonally adjusted turnover indices show cyclical increases for energy (+3,2%) while capital goods, intermediate goods (-2,5% for both) and consumer goods (-0,6. XNUMX%).
For turnover, the most significant trend increase is recorded in manufacture of computer and electronic products (+6,5%), while the greatest decrease, limited to the manufacturing sector, concerns the manufacture of coke and refined petroleum products (-22,4%). Corrected for calendar effects (there were 22 working days as in March 2015), total turnover decreased in trend terms by 3,6%, with a drop of 4,4% on the domestic market and 2,2% on the the foreign one. The seasonally adjusted turnover indices show cyclical increases for energy (+3,2%) while instrumental goods, intermediate goods (-2,5% for both) and consumer goods (-0,6%) are down .
As for the slight overall trend increase in orders, the most significant increase is recorded in the manufacture of means of transport (+30,7%), while the greatest decrease is observed in metallurgy and manufacturing of metal products (-13,2%).
