Italian Industrial Production Fell Slightly in March

Italy’s industrial production fell in March following three months of increases, according to data released Tuesday by the country’s statistics office, Istat.

The industrial production index decreased by a marginal 0.1% in March in seasonally-adjusted terms from the prior month, compared with a downwardly revised 0.1% monthly increase in February. The reading misses a consensus forecast from economists polled by FactSet of a 0.3% rise.

On an annual basis, Italy’s industrial production surged by 37.7% in March in calendar-adjusted terms due to the comparison with exceptionally low readings in March 2020, when the pandemic first hit the country and the economy was brought to a near halt.

In March, industrial production remained 1.2% below than the pre-pandemic level registered in February 2020, Istat said.

Italy’s economy, the third largest in the eurozone, entered a technical recession in the first quarter with a 0.4% gross domestic product drop, as lingering restrictions to control the coronavirus pandemic took a toll on the economy.
Source: Dow Jones