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Italy: Industrial production contracts notably in November

Italy factory
Europe   The supply of electricity, gas, steam and air conditioning rebounded

Industrial output contracted 1.6% in November on a month-on-month, seasonally-adjusted basis, following October’s revised 0.1% contraction (previously reported: +0.1% month-on-month).


November’s sizable fall came on the back of a sharp drop in the mining and quarrying sector and a downturn in manufacturing output.

In contrast, the supply of electricity, gas, steam and air conditioning rebounded, albeit at a modest pace.

Within the manufacturing sector, the production of chemical products, transport and computers, electronics and optical products, registered the sharpest declines, while the production of pharmaceuticals grew significantly.

On an annual basis, industrial production fell 2.6% in November, contrasting October’s 1.0% increase, and marking the worst contraction in over four years. Meanwhile, annual average growth in industrial output declined to 1.6% in November, from 2.1% in October.

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%.

 

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