According to the report from the National Institute of Statistics (ISTAT), industrial production fell by 1.2% in January, offsetting December's increase (+1.2%, revised from +1.1%), and exceeding economists' forecasts (-0.5%). The production of consumer goods fell by 2.0% compared to December, while the production of capital goods decreased by 3.6%. Production of intermediate goods remained unchanged, and production of energy increased by 2.5%. Meanwhile, in the last three months (through January), industrial production fell by 0.9% compared to the previous three months.
In annual terms, industrial production fell by 3.4% in January after a decline of 1.5% in December (revised from -2.1%). It was the 12th decline in a row. Consensus estimates suggested a reduction of 2.8%. Among the main sectors, growth was recorded only in the energy sector (+0,4%). Meanwhile, production declined in the consumer goods sector (-5.4%), the capital goods sector (-4.9%) and the intermediate goods sector (-2.5%).
Last month, the European Commission said that Italy is losing momentum and, by 2025, will be again ranked last in the EU for growth rates. In the Winter Economic Forecasts, the European Commission once again certifies the anemic nature of the economy. Compounded by a deteriorating general environment, forecasts for Italy are downwardly revised by 0.2% to 0.7% for this year.