By Gavin Jones
ROME, Feb 9 (Reuters) – Italian industrial output was weaker than expected in December, falling 1.0% from the month before after a large, upwardly revised rise of 2.1% in November, data showed on Wednesday.
A Reuters survey of 19 analysts had pointed to a 0.7% monthly decline in December.
November’s data was revised up from an originally reported 1.9% increase.
On a work-day adjusted year-on-year basis, industrial output was up 4.4% in December, ISTAT said, slowing from a 6.6% annual increase in November.
In the three months to December, output was up 0.5% compared with the previous quarter, ISTAT said, slowing from a gain of 1.1% in the third quarter.
Over the whole of 2021 industrial output was up 11.8% from the year before, recovering all of the 11.4% drop in 2020 when the economy was crippled by coronavirus lockdowns.
December saw month-on-month declines in production of consumer goods, investment goods and intermediate goods, ISTAT said, while output of energy products increased marginally.
The Italian economy grew by a preliminary 6.5% in 2021, data showed last week, following a record contraction of 8.9% in 2020.
For this year, Mario Draghi’s government officially forecasts a gross domestic product rise of 4.7%, but high energy prices and a recent surge in coronavirus cases and deaths have clouded the outlook.
Business and consumer confidence declined in January and most analysts and think tanks now view the government’s full-year growth forecast as optimistic.
ISTAT gave the following details.
INDUSTRIAL PRODUCTION DEC NOV OCT
Mth/mth pct change (adjusted) -1.0 2.1r -0.6r
Yr/yr pct change (adjusted) 4.4 6.6r 1.9
Yr/yr pct change (unadjusted) 7.7 6.5r -1.2
NOTE: BASE 2015=100.
(r) indicates revised figures.
ISTAT provided the following breakdown by broad product group in December: adjusted month-on-month percent change.
Consumer goods -1.0
Investment goods -2.2
Intermediate goods -0.5
Energy goods 0.1
((Gavin Jones, Rome newsroom +39 06 8522 4350, fax +39 06 854 0568 rome.newsroom@news.reuters.com))
Keywords: ITALY ECONOMY/OUTPUT
