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Italy Industrial Production Unexpectedly Declines

Italy's industrial production dropped in July, defying expectations for an increase, preliminary data from the statistical office ISTAT showed Wednesday.

Industrial production decreased a working-day adjusted 1.3 percent year-on-year after a 1.4 percent rise in June, which was revised from 1.7 percent.

Economists had forecast a 1.60 percent increase.

Compared to the previous month, industrial production decreased 1.8 percent in July, the first fall in three months. Economists had expected output to fall 0.3 percent.

June's growth was revised down to 0.3 percent from 0.5 percent.

Capital goods output dropped 2.2 percent and consumer goods production fell 1.7 percent. Manufacture of intermediate goods shrunk 1.2 percent and energy output decreased 0.8 percent.

On an unadjusted basis, industrial production grew 1.8 percent year-on-year in July after a 1.4 percent rise in June.

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