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Italy: Industrial production contracts in January

Staff Writer |
Industrial output in Italy contracted 1.9% in January on a month-on-month, seasonally adjusted basis, contrasting December’s revised 2.1% expansion (previously reported: +1.6% month-on-month).

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In January the National Statistical Institute re-based its industrial production index, moving the base from 2010 to 2015.

The reading represented a sharper contraction than analysts’ expectations of a 0.7% decease. It came on the back of broad-based contractions: The manufacturing, mining and quarrying and electricity, gas, steam and air conditioning sub-sectors contracted.

However, within the manufacturing sector, production in the textile, clothing, leather and accessories industries expanded.

On an annual basis, industrial production expanded by a strong working-day adjusted 4.0% in January, decelerating from December’s 5.4% rise. Meanwhile, annual average growth in industrial output rose to a multi-year high of 4.0% in January, above December’s 3.7%.

FocusEconomics Consensus Forecast panelists see industrial production growing 1.6% in 2018, which is unchanged from last month’s forecast. For 2019, panelists expect industrial output to expand 1.5%.

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