Italy: Industrial production expands for third consecutive month
January 13, 2014
In November 2013, industrial output rose a seasonally-adjusted 0.3% over the previous month, which was down from the 0.7% increase recorded in October. November's increase came in above market expectations of a 0.2% rise and marked the third consecutive expansion. The moderation stemmed from a slowdown in manufacturing growth, while mining and quarrying, along with electricity, gas and water, fared better compared to the previous month.
On an annual basis, industrial output expanded a working-day adjusted 1.4%. The reading contrasted the 0.4% drop recorded in October and marked the first expansion after a streak of 26 consecutive contractions. Meanwhile, annual average growth in industrial output rose from minus 4.3% in October to minus 3.5% in November.
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