Italy: Industrial production contracts in January
March 10, 2011
In January, industrial output contracted a seasonally adjusted 1.5% over the previous month, contrasting the 0.2% expansion recorded in December (previously reported: +0.3 % month-on-month). The result marked the re-entry of industrial production growth into negative territory, after consecutive increases in November and December. In addition, the January reading defied market expectations, as analysts had forecasted a 0.6% increase. Compared to the same month the previous year, industrial output rose a dismal 0.6% on a working-day adjusted basis, coming in at a fraction of December's 5.6% year-on-year increase. Despite the moderation, the trend continued to improve with annual average growth in industrial production inching up from 5.3% in December to 5.4%.
Author: Armando Ciccarelli, Head of Data Solutions