Italian industrial production was much stronger than expected in February, recovering 4% on a monthly basis, before falling sharply in January and December.
Estimates showed an increase of 1.4% in February. The 4% increase was the largest monthly since August 2020.
However, in the quarter to February, production was down 0.9% from September-November, Istat said.
January data remained at -3.4% on a monthly basis, after falling 1.1% in December.
On an adjusted annual basis, industrial production rose 3.3% in February, Istat reported.
Italy’s economic prospects are weakening, as uncertainty and high prices of raw materials associated with the war in Ukraine have hit operations and consumer confidence.
The Draghi government last year cut its GDP growth estimates for this year to 3.1% from 4.7% expected in September.
For the first quarter, the Bank of Italy expected a drop in GDP of 0.7% compared to the previous three months.
Source: Capital
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