Industry in Italy

Italy Industry | Economic News & Forecasts

Italy - Industry

Industrial output grows at fastest pace since August 2020 in February

Industrial output rose 4.0% month-on-month in seasonally-adjusted terms in February (January: -3.4% mom). The print marked the best result since August 2020. Looking at the details of the release, manufacturing production rebounded in February, while mining and quarrying output swung to contraction. Meanwhile, electricity, gas, steam and air conditioning output increased. The print meant that industrial production contracted by 0.9% in Q1 2022 quarter-on-quarter.

On an annual basis, industrial production rebounded, rising 3.3% in February (January: -2.7% yoy). Meanwhile, annual average industrial production growth rose to 12.5% in February (January: +12.2%), signaling an improving trend in the industrial sector.

Commenting on the outlook, Paolo Pizzoli, senior economist for Italy and Greece at ING, said:

“While confirming that Italian producers had proved relatively resilient to pre-war supply disruptions, February data cannot be interpreted as a signal of a turnaround, in our view. The impact of the war in Ukraine on commodity (energy and non-energy) prices has started weighing on manufacturing business confidence in March. Respondents to the survey signalled a clear deterioration both in orders and in production expectations, and anecdotal evidence of production stops in heavy energy user sectors has grown frequent. All this will likely be reflected in production data over Q2 2022.”

FocusEconomics Consensus Forecast panelists see industrial production rising 2.0% in 2022, which is down 1.6 percentage points from last month’s forecast. For 2023, panelists expect industrial output to expand 2.6%.

Italy - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)1.1  1.9  3.6  0.7  -1.0  

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Italy Industry Chart

Italy Industry
Note: Annual variation of industrial output in %.
Source: National Statistical Institute (ISTAT) and FocusEconomics calculations.

Italy Facts

Value Change Date
Bond Yield1.31-0.40 %Jan 01
Exchange Rate1.120.65 %Dec 31

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