10.07.202009:41:00UTC+00Italy's Industrial Output Growth Tops Expectations

Italy's industrial production recovered at a faster than expected rate in May as factories reopened after coronavirus containment measures were eased, figures published by the statistical office Istat revealed Friday.

Industrial production advanced 42.1 percent on a monthly basis in May, in contrast to a 20.5 percent fall in April. Output was expected to rise 22.8 percent.

On a yearly basis, industrial output fell 20.3 percent, but slower than the 43.4 percent decrease posted a month ago. Economists had forecast an annual decline of 32.5 percent.

The unadjusted industrial production decreased 25 percent from last year, after declining 41.6 percent in April.

All sectors reported monthly expansion with capital goods posting the biggest increase of 65.8 percent. Output of intermediate and consumer goods gained 48 percent and 30.8 percent, respectively.

At the same time, energy output grew only 3.4 percent in May.