Italy: Industrial production falls back in February, starts to feel the pinch of Covid-19
Industrial output fell 1.2% in February on a month-on-month, seasonally-adjusted basis. The reading strongly contrasted January’s 2.6% jump.
February’s drop reflected declines in the manufacturing and utilities sectors. Meanwhile, the mining and quarrying sector surged. Within the important manufacturing sector, the largest decreases were recorded in the production of food and tobacco, means of transport as well as of electrical and electronic equipment.
On an annual basis, industrial production dropped 2.4% in February in calendar-adjusted terms, following January’s 0.2% dip. Meanwhile, the annual average variation in industrial production declined from minus 1.1% in January to minus 1.4% in February, the lowest reading in close to six years.