Italian July industrial production points to upside risks for GDP
(ShareCast News) - Italian industrial production edged higher in July, contrary to forecasts, on the back of higher output of capital goods.
Total output was 0.1% higher on the month, according to ISTAT, ahead of economists' projections for a fall of 0.5% on the month.
Versus a year earlier, production stood 4.4% higher.
In comparison to the month before, output of consumer goods was up by 0.5% and that of intermediate goods by 0.3%, while energy production declined by 3.6%.
Output of capital goods on the other hand jumped by 1.6% versus June.
Commenting on Monday's release, Fabio Fois at Barclays Research said: "Against the backdrop of ongoing solid manufacturing prints and improving business sentiment across sectors, including construction, we attach up to 0.25pp upside risks to our current 0.2% q/q growth forecast for Q3, as also indicated by our GDP indicator."