According to figures released on Thursday, Italian industrial output was worse than anticipated in February, declining by 0.2% from the month before after declining by 0.5% in January. This raises concerns about the strength of the anticipated economic recovery.
A 0.5% increase in industrial output was predicted by 19 analysts polled by Reuters.
The country’s statistical agency, ISTAT, updated January’s results from a previously reported 0.7% decline.
The third-largest economy in the euro zone had a decrease in industrial output in February of 2.3% on a work-day adjusted annual basis, according to ISTAT.
Despite the slight month-over-month declines in January and February, the statistics agency said that the output from December to February was up 0.3% when compared to the three months from September to November.
According to ISTAT, the output of consumer, investment, and intermediate goods all decreased in February while energy products experienced a slight increase.
The Italian economy shrank by 0.1% in the final quarter of 2022, but Giancarlo Giorgetti, the minister of the economy, stated last month that things were looking up and that the nation was probably going to avoid a second quarter of recession at the start of this year.
On April 28, ISTAT will publish a flash estimate of the first quarter’s GDP.
ISTAT provided the following information:
PRODUCTION INDUSTRIAL FEB JAN DEC -0.2 -0.5r Mth/Mth pct Change (Adjusted) Adjusted 1.2 Yr/Yr pct change (Unadjusted) -2.3 1.6r -0.9 Yr/Yr pct change -2.2 4.7r -6.7 NOTE: BASE 2015=100. Revisions are indicated by a (r).
In February, ISTAT offered the following breakdown by major product group: adjusted monthly percent variation. -0.7 in consumer goods Capital goods -0.9 goods in the middle -0.3 0. energy goods
