Industry in Italy
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
|Industrial Production (annual variation in %)||1.1||1.9||3.6||0.7||-1.0|
5 years of economic forecasts for more than 30 economic indicators.
Italy Industry Chart
Source: National Statistical Institute (ISTAT) and FocusEconomics calculations.
|Bond Yield||1.31||-0.40 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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