World Economy

Italy Industry Output Rises

Italy Industry Output RisesItaly Industry Output Rises

Italian industrial output rose more than economists estimated in July, led by pharmaceuticals and vehicle production, prompting expectations for a renewed recovery after growth stalled in the second quarter, Bloomberg reported. Production increased 0.4% compared with June when it decreased a revised 0.3%, statistics agency Istat said Tuesday in Rome. The median estimate in a Bloomberg survey of 23 analysts called for a 0.2% gain. On an annual, work-day adjusted basis industrial production was down 0.3% in July. Premier Matteo Renzi is seeking to spur growth after gross domestic product in the eurozone’s third-biggest economy was unchanged in the three months through June. A business manufacturing confidence gauge dropped last month, reaching a one-and-half-year low and showing executives were increasingly worried about the prospects for orders and production. A referendum on Italian constitutional reforms is expected in November or December, and the outcome could help determine Renzi’s political future. Pharmaceuticals rose 13.9% on a monthly basis in July, while vehicle production increased 4.8%.