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Industrial Production Remains Subdued

ITALY DATA
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Italian industrial production grew 0.1% M/M SA in February, below the 0.5% analyst consensus but an improvement on January’s 0.2pp downwardly revised -1.4% print.

  • On a 3m/3m SWDA basis, production fell 0.7% in February (vs -1.1% in January).
  • While the March ‘24 manufacturing PMI returned to expansionary territory for the first time in a year, industrial confidence in the ISTAT and EC surveys remained in contractionary territory.
  • Nevertheless, the subdued industrial outlook is contrasted by improving confidence amongst services firms in recent months (the services PMI reached its highest level since April ’23 last month).
  • Compared with a year earlier, production fell 3.1% Y/Y WDA (vs -2.7% cons, 0.3pp downwardly revised -3.7% prior), with all major sub-components other than energy negative on an annual basis.

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Italian industrial production grew 0.1% M/M SA in February, below the 0.5% analyst consensus but an improvement on January’s 0.2pp downwardly revised -1.4% print.

  • On a 3m/3m SWDA basis, production fell 0.7% in February (vs -1.1% in January).
  • While the March ‘24 manufacturing PMI returned to expansionary territory for the first time in a year, industrial confidence in the ISTAT and EC surveys remained in contractionary territory.
  • Nevertheless, the subdued industrial outlook is contrasted by improving confidence amongst services firms in recent months (the services PMI reached its highest level since April ’23 last month).
  • Compared with a year earlier, production fell 3.1% Y/Y WDA (vs -2.7% cons, 0.3pp downwardly revised -3.7% prior), with all major sub-components other than energy negative on an annual basis.