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Italy Dec industry output rebounds slightly more than forecast at end of weak year

2024 02 09T090616Z 1 LYNXMPEK1809E RTROPTP 4 ITALY MANUFACTURING scaled - Global Banking | Finance

Italy Dec industry output rebounds slightly more than forecast at end of weak year

ROME, Feb 9 (Reuters) – Italian industrial output was slightly stronger than expected in December, rebounding 1.1% on a month-on-month basis following a 1.3% fall in November, national statistics bureau ISTAT reported on Friday.

A Reuters survey of 16 analysts had pointed to a 0.9% gain in December.

November’s data was revised up from an originally reported -1.5%.

December’s numbers close out a weak year for Italian industry, with work-day adjusted output down 2.5% over the 12-month period, following a 0.4% rise in 2022.

In December, on a work-day adjusted year-on-year basis, industrial output was down 2.1%, ISTAT said, the 11th consecutive decline.

In the last quarter of the year, it was down 0.5% compared with the July-to-September period.

December saw month-on-month increases for output of consumer goods, investment goods and intermediate goods, which more than offset a decline for energy products.

Italian gross domestic product rose 0.2% in the fourth quarter compared with the previous three months, preliminary data showed last week, following a 0.1% uptick in the third quarter.

Recent leading indicators such as consumer and business confidence and surveys of purchasing managers have pointed to a modest acceleration in growth in the first quarter of this year.

ISTAT gave the following details.

INDUSTRIAL PRODUCTION DEC NOV OCT

Mth/mth pct change (adjusted) 1.1 -1.3r -0.1r

Yr/yr pct change (adjusted) -2.1 -2.9r -1.1

Yr/yr pct change (unadjusted) -8.0 -2.9r 2.0

NOTE: BASE 2015=100

(r = revised)

ISTAT provided the following breakdown by broad product group in December: adjusted month-on-month percent change.

Consumer goods 3.0

Investment goods 1.6

Intermediate goods 0.8

Energy goods -2.0

((Gavin Jones, Rome newsroom, [email protected]))

Keywords: ITALY ECONOMY/OUTPUT

 

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