Italy Industrial Output Drops More than Expected

Italy’s industrial production increased by 1.5% month-on-month in November 2025, beating market forecasts of a 0.5% rise and recovering from a 1% fall in October. Output rebounded for capital goods (2.1% vs -0.9% in October), consumer goods (1.1% vs -1.6%), and intermediate goods (0.1% vs -0.2%), while energy production grew faster (3.9% vs 0.7%). On a yearly basis, industrial output rose by 1.4%, defying market expectations of a 0.6% drop and following a downwardly revised 0.2% fall in October. Annual gains were recorded in capital goods (3.3% vs -0.7%), energy (2% vs -0.2%), and intermediate goods (1% vs 1.1%), while consumer goods decreased at a slower pace (-0.8% vs -1.8%). The strongest growth was observed in the production of basic pharmaceutical products and pharmaceutical preparations (8.7%), computers, electronic and optical products, electromedical equipment, measuring instruments, and watches (5.8%), and electrical and non-electrical household appliances (5.1%).

Italy’s industrial production fell by 1% month-on-month in October 2025, more than market expectations of a 0.3% drop and reversing a downwardly revised 2.7% gain in September. Output declined for consumer goods (-1.8% vs 1% in September), capital goods (-1% vs 1.4%), and intermediate goods (-0.3% vs 1.4%), while that for energy rose at a much slower pace (0.7% vs 4.7%). On a yearly basis, industrial output decreased by 0.3%, against market forecasts of a 0.2% rise and following a downwardly revised 1.4% increase in the previous month. The biggest annual declines were seen in the manufacture of chemical products (-6.6%), textiles, clothing, leather, and accessories (-5%), and coke and refined petroleum products (-4.6%).

Italy’s industrial production jumped by 2.8% month-on-month in September 2025, following an upwardly revised 2.7% drop in August and beating market forecasts of a 1.5% rise. This marked the strongest monthly gain since August 2022, driven by a rebound across all main industrial groups, namely energy (5.4% vs -0.7% in August), capital goods (1.4% vs -2.5%), intermediate goods (1.3% vs -1.2%), and consumer goods (1% vs -1.1%). On a yearly basis, industrial output increased by 1.5% in September, after an upwardly revised 3% decline in the previous month and defying market expectations of a 0.5% fall. The highest annual growth was recorded in the manufacture of computers and electronic products (+12.3%), food, beverages, and tobacco (+9.2%), and the production of basic pharmaceutical products and pharmaceutical preparations (+3.8%).