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Italian industrial output fell more than expected

Staff Writer |
Italian industrial output fell 2.3 percent month-on-month in January, a sharper fall than expected that cast a shadow over the health of the euro zone's third largest economy.

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The drop at the start of the year came after an unexpectedly strong 1.4 percent rise in December.

Italian output shows a close correlation with gross domestic product, which rose 0.9 percent in 2016 and is predicted to grow by a similar amount this year, according to a Bank of Italy forecast.

In January, industrial output was weak across the board, with production of consumer goods, intermediate items and investment goods all declining from the month before.

On a work-day adjusted year-on-year basis, output in January fell 0.5 percent, compared with an upwardly revised 6.8 percent rise in December from a previously reported 6.6 percent increase.