Italian industrial production grew beyond expectations in July. Istat estimates an increase of 0.8% for the seasonally adjusted index compared to June. On the average of the May-July period, the level of production increased by 0.6% compared to the previous three months.
Adjusted for calendar effects (there were 22 calendar working days against 23 in July 2020), the overall index increases in trend terms by 7.0%.
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Positive results also in comparison with the pre-Covid period. In fact, Istat estimates that compared to February 2020, the month before the start of the health emergency, in July the level of the index is 1.5% higher.
In the first seven months of the year, the progress is thus close to 18%, however not sufficient to fully recover the ground lost in cumulative terms. In fact, in the same period the decrease in 2020 was equal to 16.8%
All the main manufacturing sectors are positive, with double-digit growth for electrical equipment and metal products. In general, the recovery in mechanics is solid, with the only exception of means of transport, growing below average.