In August Italian industrial production rose 0,3% over the month (seasonally adjusted), versus +0,5% expected on average by economists and -1% in July, but was down 3,7% over the year on a crude basis and 0,7% based on the index adjusted for calendar effects. This was communicated by Istat, specifying that in the first eight months of 2013 the raw index fell by 1,2% over the year and the seasonally adjusted one by 0,1%. On the other hand, on average for the June-August quarter, production decreased by 0,3% compared to the previous quarter (data corrected for calendar effects).
In August, the seasonally adjusted index shows positive cyclical variations in the groupings of consumer goods (+2,3%), capital goods (+1,6%) and intermediate goods (+0,2%). On the other hand, the energy sector recorded a negative change (-0,3%). On an annual basis, however, the groupings of consumer goods (+2,3%) and capital goods (+1,7%) grew; on the other hand, the energy (-2,6%) and intermediate goods (-2,2%) sectors decreased.
As regards the sectors of economic activity, in August 2014 the sectors that recorded the greatest trend growth were those of the production of basic pharmaceutical products and pharmaceutical preparations (+14,9%), of the manufacturing of means of transport (+ 9,6%) and the manufacture of computers, electronic and optical products, electromedical devices, measuring devices and watches (+9,5%). The largest decreases were recorded in the sectors of manufacturing electrical appliances and non-electrical household appliances (-13,6%), mining (-6,0%) and manufacturing of coke and refined petroleum products (-5,7 .XNUMX%).
Also in August, in France industrial production stalled on a monthly basis. However, the figure is better than the consensus estimate of the market, which expected a contraction of 0,3%. The July figure has been revised upwards from +0,2% to +0,3%. However, manufacturing production is still lagging behind, contracting, again on a monthly basis, by 0,2%.
Tonight Moody's ratings on Italy and France, the two special observers of the Eurozone, will be announced.
