In May 2023, the seasonally adjusted industrial production index is estimated to increase by 1.6% compared with April. On average for the March-May period, the level of production decreased by 1.8% compared to the three 
previous months.
The seasonally adjusted monthly index marks cyclical increases in all the main groupings of industries: positive changes characterize, in fact, capital goods (+1.4%), intermediate goods (+1.2%), consumer goods (+1. 1%) and, marginally, energy (+0.1%).
Corrected for calendar effects, in May 2023 the overall index decreased in trend terms by 3.7% (there were 22 calendar working days as in May 2022). Of the main sectors, only capital goods grew (+2.1%); on the other hand, consumer goods (-4.2%), intermediate goods (-7.4%) and energy (-8.5%) decreased.
The production of basic pharmaceutical products and pharmaceutical preparations (+8.9%) should be noted among the sectors of economic activity with a trend growth, the manufacture of means of transport (+8.4%) and the manufacture of computers and electronic products (+5.1%). The largest decreases were recorded in the manufacture of coke and refined petroleum products (-19.0%), in the wood, paper and printing industries (-15.8%) and in the textile, clothing, leather and accessories industries (- 10.3%)
The comment
Industrial production returned to growth in May, in economic terms, after four consecutive declines. The increase involves all the main sectors.
Considering the last three months, however, production continues to show a cyclical decline, which extends to all sectors of activity, with the only exceptions represented by oil refining products and means of transport.
In trend terms, net of calendar effects, the overall index decreased in May, as did those relating to the main groupings of industries, with the exception of capital goods.
