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Italy Industrial Production Grows Unexpectedly In April

Italy's industrial production expanded for the third straight month in April, defying economists' forecast for a decline, data from the statistical office Istat revealed on Friday.

Industrial production rose a seasonally adjusted 1.6 percent month-on-month in April, faster than March's moderate increase of 0.2 percent. Meanwhile, economists had forecast a decline of 1.1 percent for the current month.

All main business sectors contributed positively to overall production in May except capital goods, which remained stable, the statistical office said.

On a yearly basis, industrial production grew a calendar adjusted 4.2 percent in April, following a 3.2 percent gain in the prior month. In contrast, it was expected to decline by 0.2 percent.

The annual growth in May was largely driven by an 11.3 percent surge in consumer goods output. Production in the energy sector rose 4.7 percent and that of intermediate goods increased 2.6 percent.

During the February to April period, total production advanced 2.0 percent compared to the previous three months.

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