In March, Italian industrial production recorded an unprecedented collapse. Second Istat, which released its seasonally adjusted index estimate on Monday, the slump was by 28,4% on a monthly basis. Adjusted for calendar effects, the overall index fell in March by 29,3% year on year.
If you broaden your gaze to the whole first quarter, on the other hand - thus also including January and February, months on which the closures caused by the coronavirus pandemic did not weigh - the decline was 8,4% compared to the period October-December 2019.
Istat explains that in March, “in trend terms, the index adjusted for calendar effects shows a decrease which is the largest of the historical series available (starting from 1990), exceeding the values recorded during the 2008-2009 crisis”.
The Statistical Institute also points out that, in the same month, "all the main sectors of economic activity" recorded "trend and cyclical downturns, in many cases of unprecedented intensity: in the manufacture of means of transport and in textile, clothing, leather and accessories industries the cyclical and trend fall largely outweighs the 50%”. Instead, industries are saved food, drink and tobacco, “which, considering the average of the last three months, maintain a positive trend”, explains Istat.
In detail, the most dramatic trend collapses were those of the manufacturing of means of transport (-52,6%), of textile industries, clothing, leather and accessories (-51,2%), of the machinery manufacturing (-40,1%) and of metallurgy and manufacture of metal products (-37,0%). The smallest decline was instead that of industries food, drink and tobacco (-6,5%).
As regards the sub-funds, they recorded heavy declines on a cyclical basis (adjusted for calendar effects) capital goods (-39,0%), intermediate goods (-28,7%), consumer goods (-26,2%) e energy (-10,5%). Finally, INPS specifies that "during the survey phase there was a moderate reduction in the response rate of companies, consequent to the ongoing health emergency".
