ITALY DATA
Italian industrial production was unchanged in October, meeting consensus expectations. September’s reading was revised a tenth higher to -0.3% M/M. However, on a 3m/3m basis, production fell for a second consecutive month to -0.7% (vs -0.6% prior) and recent sentiment data suggests the stagnation in Italian industry is set to continue through Q4 and into 2025.
- In its latest projection round, ISTAT noted that “the declining trend in industrial production, driven by the weakness of the German economy—Italy's primary export market—and the crisis in specific production sectors (predominantly automotive), has negatively impacted gross fixed investments and imports”.
- Indeed, intermediate and capital goods production were both negative on a 3m/3m basis again in October. Meanwhile, consumer goods production was positive for the first month since February at 0.3% 3m/3m (vs -0.9% prior).
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