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Italian industrial production slows down in March

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Staff writer ▼ | April 12, 2016
Italian industrial production grew more slowly last month, weighed down by a sharp fall in energy output.
Italian industrial
Italy   The public sector deficit target was cut from 2.6% of GDP to 2.3%
Industrial production fell by 0.6% month-on-month, but was 1.2% higher versus a year ago, according to the country's statistics office, ISTAT.

In comparison with the month before, output of consumer goods was lower by 0.5% as the output of non-durable consumer goods sagged by 0.7%. Output of durable goods on the other hand was up by 1.2%. Production of intermediate and capital goods was up by 0.2% month-on-month in both cases.

Energy output on the other hand fell by 2.9% from February's level.

On Friday evening, the Italian government approved the so-called Economic and Financial Document (DEF), with Rome lowering its forecast for the rate of growth in the country's gross domestic product in 2016 from 1.6% to 1.2%.

In parallel, the public sector deficit target for 2016 was cut from 2.6% of GDP to 2.3%.

To take note of, in a bid to prop up the economy Rome decided to lift its deficit target for 2017 from 1.1% of GDP to 1.8%, "meaning that it will ask the EU for further budget flexibility," UniCredit Research said in a note sent to clients.