Italian industrial production unexpectedly falls 1.3%
According to data released by Italy's national statistics institute (ISTAT) on October 9, industrial production declined 1.3% month-on-month in August.
A Reuters survey of 11 economists had expected production to remain unchanged. July's increase was revised from 0.7% to 0.6%. Calendar-adjusted annual production was unchanged, while output in June-August fell 1.1% compared with the previous three months.
The significantly weaker-than-expected reading indicates deteriorating industrial activity in the eurozone's third-largest economy. August figures can be volatile because of factory holidays; however, a sustained decline in production could pose downside risks to growth forecasts.
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