Italy's Industrial Orders Decline In May

Italy's industrial orders declined at the fastest pace in four months in May, the statistical office Istat said Wednesday.

Industrial orders declined 2.5 percent from April, when it grew 5.5 percent. This was the biggest fall since January. The decline was driven by a 6.3 percent decrease in foreign orders. Meanwhile, domestic orders were up 0.3 percent.

On a yearly basis, industrial orders dropped unexpectedly by 0.5 percent, reversing a 7.9 percent increase in the prior month. Economists had forecast a 5.5 percent rise.

At the same time, industrial turnover climbed 1.2 percent on a monthly basis following a 0.5 percent drop in April. Meanwhile, turnover logged an annual growth of 2.4 percent after falling 0.2 percent.

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