Italy: Industrial production drops unexpectedly
February 10, 2014
In December, industrial output dropped a seasonally-adjusted 0.9% over the previous month, which contrasted the 0.3% increase recorded in November. December's drop confounded market expectations of a flat reading and reversed the prior three months of gains. The contraction stemmed from negative readings in manufacturing and electricity, gas and water, and a slowdown in mining and quarrying.
On an annual basis, industrial output contracted a working-day adjusted 0.7%, which contrasted the 1.5% increase recorded in November. In the full year 2013, industrial output contracted 2.9%, which was smaller than the 6.5% drop recorded in 2012.
FocusEconomics Consensus Forecast panelists see industrial production contracting 0.9% in 2014, which is up 0.3 percentage points from last month's forecast. For 2015, panelists expect industrial output to expand 1.6%.
Author: Armando Ciccarelli, Head of Data Solutions