Italy: Industrial production drops in January
February 14, 2017
Industrial output fell 2.3% in January on a month-on-month seasonally adjusted basis, strongly contrasting the 1.4% expansion registered in December. The reading represented the worst result since January 2012 and considerably undershot the softer 0.8% decline analysts had expected. The fall came on the back of contractions in both the manufacturing and the mining and quarrying sub-sectors, with the former marking the worst result in five years. Conversely the electricity, gas, steam and air conditioning sub-sector grew.
On an annual basis, industrial production declined a working-day adjusted 0.5% in January, contrasting December’s 6.8% growth and marking the weakest print in seven months. Annual average growth in industrial output also dropped, decreasing from 1.9% in December to 1.6% in January.