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Italy industrial output in shock slump

AFP
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Italy industrial output in shock slump
Italy's industrial production dropped unexpectedly in May. Photo: Shutterstock

Italy's industrial production dropped unexpectedly in May in the biggest slump since November 2012, national statistics data showed on Thursday.

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Industrial output slid 1.2 percent compared to April in a sign of the precarious nature of Italy's return to growth as production flagged across the board with the exception of energy, the national statistics agency, Istat, said.

Analysts had forecast a 0.1 percent increase in the eurozone's third largest economy following strong output results in March and April. While energy rose 0.8 percent, investment goods were down 1.7 percent and consumer and intermediate goods dropped 1.5 percent.

Italy ranks third as a eurozone economy, after Germany and France and it has struggled to pull away from a deep two-year recession.

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