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Italy industry output flat in March after February jump
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ROME, May 10 (Reuters) – Italian industrial output held up much better than expected in March, posting a flat reading from the month before after a jump of 4.0% in February, data showed on Tuesday.
ROME, May 10 (Reuters) – Italian industrial output held up much better than expected in March, posting a flat reading from the month before after a jump of 4.0% in February, data showed on Tuesday.
A Reuters survey of 16 analysts had pointed to a 1.9% drop in March.
On a work-day adjusted year-on-year basis, industrial output was up 3.0%, following a 3.4% annual rise the month before, national statistics bureau ISTAT reported.
However, in the first three months of the year, output was down 0.9% compared with the final quarter of 2021, ISTAT said.
March saw month-on-month rises for production of consumer goods, investment goods and energy items, while intermediate goods declined.
The euro zone’s third largest economy contracted by 0.2% in the first quarter, hit by COVID-19 restrictions at the start of the year followed by uncertainty and high raw material prices linked to the war in Ukraine. [1N2T301U]
Mario Draghi’s government last month cut its forecast for Italy’s gross domestic product growth this year to 3.1% from a 4.7% projection made in September.
The latest forecast remains significantly higher than those of most independent think tanks.
ISTAT gave the following details.
INDUSTRIAL PRODUCTION MARCH FEB JAN
Mth/mth pct change (adjusted) 0.0 4.0 -3.3r
Yr/yr pct change (adjusted) 3.0 3.4r -2 7
Yr/yr pct change (unadjusted) 3.8 3.4r 0.3
NOTE: BASE 2015=100.
(r) indicates revised figures.
ISTAT provided the following breakdown by broad product group in March: adjusted month-on-month percent change.
Consumer goods 1.0
Investment goods 0.4
Intermediate goods -0.7
Energy goods 2.7
((Gavin Jones, gavin.jones@reuters.com))
Keywords: ITALY ECONOMY/OUTPUT
Gross Domestic Product (GDP) is the total monetary value of all goods and services produced within a country's borders in a specific time period, used to gauge economic performance.
Consumer goods are products that are purchased for personal use by the general public, including items like clothing, food, and household products.
Investment goods, also known as capital goods, are items used by businesses to produce goods and services, such as machinery, tools, and buildings.
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