Italy: Industrial production shows further signs of life in February
Industrial output rose 0.8% in February on a month-on-month, seasonally-adjusted basis, following January’s stronger 1.9% jump. February’s increase came on the back of sizable gains in the manufacturing, and mining and quarrying sectors. In contrast, production in electricity, gas, steam and air conditioning swung from expansion to contraction. Within the manufacturing sector, the production of pharmaceutical products bounced back sharply, and the production of textile products recorded a solid expansion. However, the manufacture of coke and refined petroleum products contracted significantly.
On an annual basis, industrial production rebounded 0.9% in February in calendar-adjusted terms, swinging from January’s 0.8% decline, and leaving behind three consecutive months of contraction. Meanwhile, annual average growth in industrial output was flat in February, down from the 0.1% growth recorded in January, the weakest reading in over three years.