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Italy industrial output in shock slump

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

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

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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ITALY

Italy’s Renzi wants ex-ECB boss Draghi to become prime minister: report

Ex-PM Matteo Renzi would like to see former European Central Bank chief Mario Draghi become prime minister of Italy, a party source told Reuters on Sunday.

Italy's Renzi wants ex-ECB boss Draghi to become prime minister: report
Matteo Renzi. Image: Andreas Solaro/ POOL / AFP

“I would say that is one of our proposals,” confirmed the source, who declined to be named.

The Italian government collapsed last week when PM Giuseppe Conte resigned. The former coalition allies are currently trying to come to an agreement and sort out their differences.

The centre-left government had been in turmoil ever since former premier Matteo Renzi withdrew his Italia Viva party earlier this month, a move that forced Conte to step down this week.

During the past year, Renzi frequently criticised Conte’s management of the pandemic and economic crisis.

Italy’s La Stampa newspaper also reported on Sunday that President Sergio Mattarella was considering Draghi for the prime ministerial role. However, Mattarella’s office promptly denied this, saying there had been no contact between them.

So far, there has been no comment from Draghi, who hasn't been seen much in the public eye since 2019.


Italy's president, Sergio Mattarella, gave ruling parties more time on Friday to form a new government, after the resignation of Prime Minister Giuseppe Conte. 

Coalition parties Italia Viva, the centre-left Democratic Party (PD) and anti-establishment 5-Star Movement must come to an agreement to allow the government to heal. 

Renzi, a former prime minister himself, has pubilcly stated that he does not want to talk about who should lead the next government at this stage, reasoning that the parties need to agree on a way forward first.

“Any effort today to fuel a discussion about Draghi is offensive to Draghi and above all to the president of the republic,” Renzi said in an interview published on Sunday with Corriere della Sera.

A senior Italia Viva lawmaker also told Reuters that “If the president gives a mandate to Draghi, we would certainly support this”. 

Renzi, whose party is not even registering three percent support in opinion polls, quit the coalition over Conte’s handling of the COVID-19 pandemic and his plans for spending more than 200 billion euros from a European Union fund to help Italy’s damaged economy.

READ ALSO: Why do Italy's governments collapse so often?

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