Italy’s industrial production declined to the sharpest rate in two years in December, data from the statistical office ISTAT showed on Monday.
Industrial production decreased a seasonally adjusted 2.7 percent month-on-month in December, after remaining unchanged in November. Economists had expected output to fall 0.5 percent.
The latest decline in production was the worst since January 2018, when it decreased 3.2 percent.
On a calendar and working-day adjusted basis, industrial production decreased 4.3 percent in December, following a 0.8 percent decline in the prior month. Economists had expected a 0.2 percent fall.
Manufacturing output fell 4.2 percent annually in December.
Mining and quarrying production dropped 10.4 percent and electricity, gas, steam and air conditioning sector output declined 5.3 percent.
Among all the sectors, intermediate goods, energy, capital goods, and consumer goods declined.
On an unadjusted basis, industrial production fell 1.3 percent annually in December, following a 3.8 percent decrease in the preceding month.
In the fourth quarter, industrial production decreased by 1.4 percent from the preceding quarter.
In 2019, industrial production decreased 1.3 percent from the previous year.