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Financial News: Italy Industrial Output Shrinks 1.2%, Exceeds Forecast

Italy Industrial Output Shrinks 1.2%, Exceeds Forecast

03/20/2024 - 08:08:00 (RTTNews)

(RTTNews) - Italy's industrial production declined more-than-expected at the start of the year, data from the statistical office ISTAT revealed on Wednesday.

Industrial output fell 1.2 percent month-on-month in January, reversing a 1.2 percent recovery in December. Economists had forecast production to drop 0.5 percent.

Production of consumer goods slid 2.0 percent over the month, and that of capital goods decreased 3.6 percent.

On the other hand, energy goods output advanced 2.5 percent, and production of intermediate goods showed a flat change.

On a yearly basis, the decline in industrial production deepened to 3.4 percent from 1.4 percent in December.

Unadjusted industrial production fell 0.3 percent from last year, following a 7.4 percent sharp contraction in the previous month.

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