ROME – Italian industrial output was weaker than expected in November, falling 0.3% from the month before, pushed down by a particularly sharp fall in the output of energy products, data showed on Friday.
A Reuters survey of 16 analysts had pointed to a 0.3% monthly rise.
October’s data was revised slightly down to show a 1.1% fall, against an originally reported 1.0% drop, national statistics bureau ISTAT reported.
On a work-day adjusted year-on-year basis, output fell 3.7% in November against an unrevised -1.6% in October.
Production of energy goods dropped 4.5% month-on-month, while output of consumer goods fell 0.4% and that of intermediate goods dropped 0.3%. Only investment goods saw a rise — up +0.1%.
In the three months to November, industrial output in the euro zone’s third largest economy was down 1.0% compared with the June to August period.
In November, Rome raised its economic growth forecast for 2022 to 3.7% from 3.3% on the back of a stronger-than-expected expansion in the first nine months of the year. It left its 2023 forecast unchanged at 0.6%.
ISTAT gave the following details.
