Italy: Industrial production growth slows in December
February 10, 2011
In December, industrial output rose a seasonally adjusted 0.3% over the previous month, down from the 1.3% expansion recorded in November (previously reported: +1.1% month-on-month). The result marked the second increase after two consecutive declines in October and September. Moreover, the December reading was virtually in line with market analyst expectations of a 0.2% rise. Growth in industrial production moderated compared to the previous month, as the manufacturing sector expanded a meagre 0.2%, slowing from the 1.1% increase posted in November. Electricity, gas and water supply grew 6.5% in December, contrasting the 0.9% drop recorded in the previous month, while mining and quarrying added 3.4%, rebounding from the 2.8% mom fall registered in November. Compared to the same month the previous year, industrial output rose a working-day adjusted 5.4%, up from November's 4.1% year-on-year increase. On a full-year basis, industrial production expanded 5.3% in 2010, contrasting the sharp 18.3% drop recorded in 2009 and marking the first expansion after two consecutive full-year contractions.
Author: Armando Ciccarelli, Head of Data Solutions