ROME (Reuters) – Italian industrial output was marginally stronger than expected in November, rising 0.3% from the month before, data showed on Tuesday, but the country’s manufacturing sector continues to struggle.
In the three months to November output was down 0.4% compared with the June-August period, while on a work-day adjusted year-on-year basis, industrial production in the euro zone’s third largest economy was down in November by 1.5%.
That marked the 22nd consecutive annual decline and followed a 3.5% drop in October, national statistics bureau ISTAT said.
The 0.3% month-on-month rise in November was just above a forecast of 0.2% in a Reuters survey of 14 analysts.
It followed a 0.1% gain in October, which ISTAT revised up from a previously reported flat reading.
In November, month-on-month rises in output of consumer goods, intermediate goods and energy products were partly offset by a decline in investment goods.
The Italian economy stagnated in the third quarter of 2024 from the previous three months due to a slump in exports and investments, ISTAT reported last month, and recent indicators have been largely weak.
ISTAT has calculated that if growth also stagnated in the last three months then full-year expansion for 2024 will come in at just 0.5%, half the government’s official forecast of 1%.
Growth is currently forecast by most analysts to be slightly firmer this year, but to remain below 1%.
(Reporting by Gavin Jones, graphic by Stefano Bernabei)
Comments