Italy Industry March 2019


Italy: Industrial production swings back into contractionary territory in March

May 10, 2019

Industrial output contracted 0.9% in March on a month-on-month, seasonally-adjusted basis, contrasting February’s 0.8% increase. March’s drop came on the back of lower production in the manufacturing, and electricity, gas, steam and air conditioning sectors. In contrast, production in mining and quarrying swung from contraction to expansion. Within the important manufacturing sector, the production of pharmaceutical products—traditionally quite volatile—fell sharply, and the output of textile products also recorded a notable decline. However, the manufacture of coke and refined petroleum products expanded significantly.

On an annual basis, industrial production shrank 1.4% in March in calendar-adjusted terms, swinging from February’s 0.9% rise, which had followed three consecutive months of contraction. Meanwhile, annual average growth in industrial output was equal to minus 0.4% in March, down from the flat reading recorded in February, the weakest reading in close to four years.

Italy Industrial Production Forecast

FocusEconomics Consensus Forecast panelists see industrial production growing 1.5% in 2019, which is unchanged from last month’s forecast. For 2020, panelists expect industrial output to expand 1.3%.

Author: Massimo Bassetti, Senior Economist

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Italy Industry Chart

Italy Industry March 2019 0

Note: Month-on-month changes of seasonally-adjusted industrial production and annual growth rate in %.
Source: National Statistical Institute (Istat) and FocusEconomics calculations.

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