MILANO – The recovery of Italian industrial production continues in February, although Istat numbers still show a lower level than in the same month of 2020, the last before the Covid pandemic broke out.
In February, the seasonally adjusted index of industrial production increased by 0.2% compared to January. On the average for the December-February quarter, the level of production grew by 0.6% compared to the previous three months. Corrected for calendar effects, in February 2021 – the month immediately preceding the restrictions related to the health emergency – the overall index decreased compared to February 2020 in terms of 0.6% (there were 20 calendar working days, as in February 2020).
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In its comment on the data, the Institute notes that “in February the economic trend of industrial production is still positive after the growth of the previous two months. Even on the average of the last three months, the economic trend is favorable. Among the main sectors of activity , however, only consumer goods recorded an increase on a monthly basis. In trend terms, compared to February 2020, the month immediately preceding the restrictions related to the health emergency, the level of the index adjusted for calendar effects is less than 0 , 6%. At the sector level, the greater dynamism of intermediate goods is confirmed, the only sector growing compared to a year earlier “.
In the annual comparison, the sectors of economic activity that record the greatest trend increases are the manufacture of electrical equipment (+ 8.5%), the manufacture of computers, electronic and optical products (+ 4.6%) and the manufacture of chemical products (+ 3.5%). Conversely, the greatest decreases are recorded in the manufacture of coke and refined petroleum products (-26.2%), in the mining activities (-15.9%) and in the textile, clothing, leather and accessories industries (-13.7%). .
Still, Istat, in the monthly note on the economy published separately from the data on industrial production, nevertheless sends out signs of optimism. “The recovery phase of the main international economies continues – notes the Institute in its document – The strengthening of the signs of improvement has led to an upward revision of growth forecasts for the current and next year in many countries. In Italy, both manufacturing, also driven by the dynamism of exports, and construction are showing positive signs “. Given these premises, “expectations for the next few months maintain a favorable orientation for industrial companies, while greater uncertainty characterizes household confidence”.
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