Italy: Industrial output expands at fastest pace since June in November
Latest reading: Industrial output expanded 0.3% in month-on-month seasonally adjusted terms in November, improving from October’s 0.1% increase. November’s figure marked the best reading since June. The acceleration reflected faster growth in manufacturing output plus a rebound in mining and quarrying production. That said, energy, gas and steam production growth lost momentum.
On an annual basis, factory output fell at a more moderate pace of 1.6% in November (October: -3.5% yoy), the best result since October 2023. Accordingly, the trend improved, with the annual average variation of industrial production coming in at minus 3.0% in November, up from October’s minus 3.1%.
Panelist insight: Commenting on the release, ING’s Paolo Pizzoli stated:
“Notwithstanding the small increase in November, the production picture is unlikely to improve anytime soon, burdened by a highly uncertain external environment which will continue to hamper the investment goods domain in the short run.”