Italy’s May industrial output sees more than expected recovery after easing COVID lockdown

Industrial output in Italy rebounded much more strongly than expected in May after collapsing in the previous two months due to a coronavirus lockdown, data showed, and the economy minister forecast further gains in June and July.

National statistics institute ISTAT reported a production increase of 42.1% in May from the month before, almost doubling the median forecast of a 22.8% rise in a Reuters survey of analysts.

May’s data followed a drop of 20.5% in April (revised from -19.1%), and a record decline of 28.4% in March.

“It’s a very encouraging result,” Economy Minister Roberto Gualtieri said on Facebook. The ministry expects the output recovery “will continue, though probably at a slower rate, in June and July,” he said.