ITALY DATA
Italian November industrial production was stronger-than-expected at 0.3% M/M (vs 0.1% cons, one tenth upwardly revised 0.1% prior). On a 3m/3m basis, industrial production remains negative at -0.5%, though this was a tenth above October’s reading.
- Industrial sentiment in Italy remains weak, with the manufacturing PMI in contractionary territory for 9 consecutive months (46.2 in December), and the ISTAT manufacturing confidence series below its 2000-2019 average (85.8 in December vs 91.0 average).
- In its 2024/2025 outlook report, 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”
- Looking at the manufacture of transport equipment specifically, production fell 0.3% in November, corresponding to a -5.1% 3m/3m rate. The 3m/3m series has been negative since December 2023.
- 3m/3m production in consumer goods and energy production remained positive in November, though eased from last month's levels. Conversely, 3m/3m intermediate and capital goods production ticked higher, but stayed in negative territory.
171 words