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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%.

 

Financialtribune.com