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Italy’s industrial production unexpectedly falls 0.7% in Dec

by ChemOrbis Editorial Team -
  • 10/02/2016 (16:24)
According to data released by Italy’s statistics office Istat, the country’s industrial production unexpectedly declined 0.7% on seasonally adjusted terms in December compared with a decrease of 0.5% in November. On a yearly basis, Italy’s industrial output fell 1% on workday adjusted terms in December while the December figure defied economists’ initial expectations, which called for a gain of 0.9%. In 2015, meanwhile, the country’s industrial output climbed 1% compared with the previous year.

The decline in industrial production stemmed from a 1.8% monthly decline in intermediate goods while investment goods output and energy production slipped 1.3% and 0.8%, respectively from a month earlier. However, production of consumer goods rose 0.8% with durable goods increasing 2.2% and non-durable goods rising by 0.5%.

Earlier this month, the European Commission cut its growth expectations for the Italian economy to 1.4% for this year from their earlier estimate of 1.5%.
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