Italy industry output falls unexpectedly in March

ROME, May 10 (Reuters) – Italian industrial output was weaker than expected in March, falling 0.6% from February to register a third consecutive month of contraction, data showed on Wednesday.

A Reuters survey of 20 analysts had pointed to a 0.3% monthly rise.

On a work-day adjusted year-on-year basis, national statistics bureau ISTAT said output fell 3.2% in March against an analyst forecast of a 2.3% decline. February’s month-on-month and year-on-year readings were unchanged at -0.2% and -2.3% respectively.

In the three months to March, industrial output in the euro zone’s third largest economy was down 0.1% compared with the previous quarter.

March saw falls month-on-month in the output of consumer goods, intermediate goods and energy products, while the production of investment goods increased.

Data released late last month showed that Italy’s economy grew by 0.5% in the first quarter from the previous three months, a stronger recovery than expected after a slight contraction at the end of last year.

However, a closely watched survey released last week said Italy’s manufacturing sector shrank in April, ending three months of growth, as production and new orders fell and purchasing activity was sharply reduced.

ISTAT gave the following details.

INDUSTRIAL PRODUCTION MARCH FEB JAN

Mth/mth pct change (adjusted) -0.6 -0.2 -0.5

Yr/yr pct change (adjusted) -3.2 -2.3 1.6

Yr/yr pct change (unadjusted) -3.3 -2.2 4.7

NOTE: BASE 2015=100.

(r) indicates revised figures.

ISTAT provided the following breakdown by broad product group in March: adjusted month-on-month percent change.

Consumer goods -1.4

Investment goods 0.7

Intermediate goods -0.4

Energy goods -1.4

((Crispian Balmer, rome.newsroom@news.reuters.com))

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