ROME, July 10 (Reuters) - Italian industrial output was stronger than expected in May, rising 0.5% from the month before after a 1.0%% drop in April to post its first month-on-month increase this year, data showed on Wednesday.
A Reuters survey of 16 analysts had pointed to a 0.1% monthly uptick in May.
On a work-day adjusted year-on-year basis, industrial output in the euro zone's third largest economy was down 3.3% in May, national statistics bureau ISTAT said - the 16th consecutive annual decline.
In the three months to May output was down 1.6% compared with the December-to-February period.
May saw month-on-month increases in output of consumer goods, intermediate goods and energy products, outweighing a decline in investment goods.
Italian gross domestic product rose 0.3% in the first quarter from the previous three months, following marginal 0.1% growth in the fourth quarter of 2023.
Most analysts expect similar weak growth rates in the coming quarters, yielding full year expansion of between 0.7% and 1%, broadly in line with last year's 0.9% rate.
Economy Minister Giancarlo Giorgetti said on Tuesday the government's 2024 growth target of 1% was "well within reach".
Bank of Italy Governor Fabio Panetta said at the same event that the second quarter probably saw the same 0.3% growth rate as between January and March.
The central bank forecasts full year growth at 0.8%, below the government's 1% projection.
(Reporting by Gavin Jones, graphic by Stefano Bernabei)
