ROME (Reuters) - Italian industrial output was weaker than expected in October, slipping 0.1 percent from the month before and offering no sign of recovery for Italy’s recession-bound economy, data showed on Thursday.
National statistics institute ISTAT made no revision to September’s steep 0.9 percent monthly drop and said that in the three months to October output was down 0.9 percent compared with May-July.
That does not auger well for fourth quarter gross domestic product, following the 0.1 percent drop in GDP in the third quarter. Italian GDP data normally shows a close correlation with industrial output.
A Reuters survey of 16 analysts had forecast output to rise 0.3 percent in October. Forecasts spanned -0.3 percent to +0.5 percent.
On a work-day adjusted year-on-year basis, October industrial output was down 3.0 percent, following a 2.7 percent drop the month before.
Reporting By Gavin Jones and Steve Scherer