Italy: Industrial output rebounds in December
Industrial output increased 1.1% in month-on-month seasonally adjusted terms in December, which contrasted November’s 1.3% decrease. December’s figure marked the best reading since May. The reading reflected a broad-based upturn, with activity in the manufacturing, mining and quarrying and electricity, gas, steam and air conditioning sub-sectors all improving in December.
On an annual basis, industrial output decreased 2.2% in December, easing from November’s 2.6% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.5% in December, down from November’s minus 2.4%.
Commenting on the release, ING’s Paolo Pizzoli stated:
“In an unsurprising rebound for Italian industrial production in December, the full breakdown signalled that the tide could soon start to turn for energy-intensive sectors. For the time being, Suez Canal disruptions and soft demand conditions are limiting the scope for a production acceleration over the first quarter.”