Italian industrial production was much stronger than expected in November, rising 1.9% from the previous month, boosting the government’s expectations for strong economic growth in 2021.
Analysts expected a monthly increase of 0.5%.
The October data were revised and showed a drop of 0.5% compared to the initial measurement for a drop of 0.6%, according to the statistical service Istat.
On an adjusted annual basis, production increased by 6.3% in November, while analysts spoke of an increase of 3.7%.
Istat said industrial production had returned to growth in cyclical terms, with the main index level now 3.1% higher than in February 2020, the month before the pandemic began.
In the quarter to November, industrial production in the eurozone’s third largest economy increased by 0.6% compared to June-August.
November saw a monthly increase in output in all key sectors of the economy, including consumer goods, investment goods and intermediate goods, with energy products recording the largest increase of 4.6%.
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Source From: Capital
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