Italy Industrial Output Drops for 2nd Month

Italy’s industrial production fell by 0.6% month-on-month in January 2026, following an upwardly revised 0.5% drop in the previous month, against market expectations of a 0.3% increase. This marked the second consecutive monthly decline, amid lower output for capital goods (-2.2% vs 0.7% in December), intermediate goods (-0.8% vs -0.2%), and consumer goods (-0.6% vs -0.7%). Meanwhile, growth in energy production accelerated (4.5% vs 0.2%). On an annual basis, industrial output decreased by 0.6%, reversing a 2.7% rise in December. The drop was due to decreases in consumer goods (-3.8% vs 0.1%), intermediate goods (-1.6% vs 2.8%), and capital goods (-0.3% vs 7.3%), which more than offset a sharp rebound in energy production (10.4% vs -0.1%). Among industries, the steepest declines were recorded in the manufacture of coke and refined petroleum products (-12.9%), chemical products (-7.2%), and other manufacturing industries (-5.7%).

Italy’s industrial production decreased by 0.4% month-on-month in December 2025, reversing a 1.5% rise in November but coming in slightly below market expectations of a 0.5% fall. Output dropped for consumer goods (-0.9% vs 1.1% in November) and intermediate goods (-0.4% vs 0.2%), while growth slowed for capital goods (0.5% vs 2.1%) and energy (1.2% vs 4.2%). On an annual basis, industrial production rose by 3.2%, the largest increase since May 2022, accelerating from a 1.4% gain in the previous month. Increases were seen in output for capital goods (7.2% vs 3.3%), intermediate goods (2.9% vs 1%), energy (1.7% vs 2.2%), and consumer goods (0.1% vs -0.8%). The strongest annual growth was seen in the production of basic pharmaceutical products and pharmaceutical preparations (23.8%), other manufacturing industries (9.3%), and metallurgy and fabrication of metal products (7.4%). For the full year of 2025, industrial output edged down by 0.2%.

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%).