ITALIAN INDUSTRIAL PRODUCTION - JULY 2023

In July 2023, the seasonally adjusted index of industrial production is estimated to decrease by 0.7% compared to June. In the average of the May-July period, the level of production increased by 0.2% compared to the previous three months. The monthly seasonally adjusted index grew on a quarterly basis only for energy (+3.7%); while it fell for intermediate goods (-0.5%), capital goods (-1.5%) and consumer goods (-1.6%). Net of calendar effects, in July 2023 the overall index decreased in trend terms by 2.1% (calendar working days were 21, as in July 2022). Among the main sectors, only capital goods grew (+3.0%); On the other hand, consumer goods (-3.7%), energy (-4.0%) and intermediate goods (-4.5%) decreased. The only sectors of economic activity showing positive trend changes are the manufacture of means of transport (+10.1%), the production of basic pharmaceutical products and pharmaceutical preparations (+5.8%) and the manufacture of computers and electronic products (+0.4%). The remaining sectors are all in decline; The largest were recorded in the wood, paper and printing industry (-12.3%), in the manufacture of coke and refined petroleum products (-10.8%) and in mining (-10.1%). 

ANALYSIS 

After two months of economic growth, the seasonally adjusted index of industrial production fell in July; This is widespread in the main sectors, with the exception of energy. However, the overall economic development in the average of the last three months is slightly positive. In trend terms, net of calendar effects, the general index is down. Looking at the main industrial groupings, widespread declines (excluding capital goods) are observed, more marked for energy and intermediate goods. 

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