Italian industrial production slows down in MarchStaff writer ▼ | April 12, 2016
Italian industrial production grew more slowly last month, weighed down by a sharp fall in energy output.
Italy The public sector deficit target was cut from 2.6% of GDP to 2.3%
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. ■