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Italy’s industrial production declines 0.6% in Feb

by ChemOrbis Editorial Team -
  • 11/04/2016 (16:11)
According to data from Italy’s statistics institute ISTAT, the country’s industrial output declined 0.6% in February compared to a revised increase of 1.7% in January, missing initial estimates which called for a 0.9% drop in a survey conducted by Bloomberg. It was the biggest monthly decline recorded since June 2015, when output decreased 1%. On a yearly basis, the country’s industrial output rose 1.2% when adjusted for working days.

The government lowered its economic growth forecasts for 2016 and 2017 due to weaker global demand and consumer prices. It expects GDP to grow by 1.2% this year and 1.4% next year, down from previous estimates of 1.6% for both.

Italy’s unemployment rate rose to 11.7% from 11.6% in January. Istat reported a 1.9% hike in January industrial output.
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