Italian industry output rises strongly in Nov, easily beating expectations

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ROME, Jan 13 (Reuters) – Italian industrial output was considerably stronger than expected in November, rising 1.9% from the month before, bolstering government expectations of robust economic growth in 2021, data showed on Thursday.

A Reuters survey of 18 analysts had pointed to a 0.5% monthly rise.

October’s data was revised up to show a -0.5% fall, against an originally reported -0.6% drop, national statistics bureau ISTAT reported.

On a work-day adjusted year-on-year basis, output rose 6.3% in November. A Reuters survey of eight analysts had pointed to a 3.7% rise. October’s reading was cut to 1.9% from an originally reported 2.0%.

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 start of the COVID-19 health emergency.

In the three months to November, industrial output in the euro zone’s third largest economy was up 0.6% compared with the June to August period.

November saw a month-on-month rise for output in all main areas of the economy, including consumer goods, investment goods and intermediate goods, with energy products posting the largest increase at 4.6%.

Prime Minister Mario Draghi has forecast that the euro zone’s third largest economy grew by more than 6% last year, following the record 8.9% contraction in 2020 caused by the COVID pandemic.

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