Financial News: Italy Industrial Output Contracts 0.7%

Italy Industrial Output Contracts 0.7%

03/14/2023 - 06:38:00 (RTTNews)

(RTTNews) - Italy's industrial production declined at the start of the year amid contractions in the capital and intermediate goods output, data from the statistical office ISTAT showed Tuesday.

Industrial production fell 0.7 percent month-over-month in January, reversing a 1.2 percent recovery in December, which was the first increase in four months. Economists had forecast a slight fall of 0.1 percent.

Among components, capital goods posted the biggest monthly decrease of 2.0 percent, and a 0.6 percent fall seen in intermediate goods.

Meanwhile, consumer goods production and energy goods output rose 0.9 percent and 0.1 percent, respectively.

On a yearly basis, industrial production recovered 1.4 percent in January, in contrast to a 0.9 percent drop in the prior month. Before this, a yearly rise was last seen in August 2022.

Data showed that unadjusted industrial production also turned to positive growth in January, rising 4.5 percent annually versus a 6.7 percent decline a month ago.

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