Italy: Industrial production rebounds in November
January 12, 2011
In November, industrial output rose a seasonally-adjusted 1.1% over the previous month, which contrasted the 0.1% contraction recorded in October and marked the first increase after two consecutive declines in October and September. Moreover, the November reading surprised market analysts on the upside, as it came in above expectations of a 0.5% rise. The improvement was led by the mining sector, which rose 1.3% over the previous month, contrasting the 5.7% month-on-month drop recorded in October. The manufacturing sector increased 1.1%, up from the flat reading recorded in October, while the electricity, gas and water supply sector fell 0.8% mom (October: +1.9% mom). On an annual basis, industrial output rose a working-day adjusted 4.1%, up from the previous month's 2.9% increase. Accordingly, the trend continued to improve, with annual average growth in industrial production rising from 3.1% in October to 4.4% in November, which represented the highest result since January 2001.
Author: Armando Ciccarelli, Head of Data Solutions