A step back from the previous month, a double-digit growth in the annual comparison. In May, Istat estimates for the seasonally adjusted index of industrial production a drop of 1.5% compared to April, the first stop after five consecutive months of progress. In any case, on the average of the period from March to May, the level of production grew by 1.2% compared to the previous three months.
Adjusted for calendar effects, in May 2021 the overall index instead increased in trend terms by 21.1% (the calendar working days were 21 against 20 in May 2020).
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In both cases (annual and monthly comparison) the slowdown in the energy sector is lowering the averages, while manufacturing presents better data: -1.2% compared to April, + 24.1% compared to 12 months earlier.
In comparison with May 2020, still heavily penalized by the Covid containment measures (the decline in production at the time was 20.6%), there are trend increases for each type of production: intermediate goods (+ 28.8%), capital goods ( + 25.2%) and consumer goods (+ 15.8%).
The sectors of economic activity that record the greatest trend increases are the manufacture of rubber and plastic materials (+ 40.1%), the manufacture of means of transport (+ 39.1%) and other manufacturing industries (+35 , 8%). Trend downturns are recorded only in mining activities (-16.2%), in the production of basic pharmaceutical products (-3.6%) and in the supply of electricity, gas, steam and air (-0.3%).