Italy: Industrial production jumps in December
Industrial output jumped 1.6% in December on a month-on-month, seasonally adjusted basis, up from November’s 0.2% expansion. The reading represented the strongest result in almost two years and surprised analysts’ expectations on the upside. The result came on the back of an expansion in the manufacturing and the mining and quarrying sub-sectors, while the electricity, gas, steam and air conditioning sub-sector contracted. The manufacturing sub-sector’s performance was particularly influenced by notable growth recorded in the production of machinery and equipment and of metallurgy and metal products.
On an annual basis, industrial production expanded by a strong working-day adjusted 4.9% in December, accelerating markedly from November’s 2.3% rise. December marked the 11th consecutive month of year-on-year growth. Annual average growth in industrial output, however, edged down to 3.0% in December, below November’s 3.2%.