Down compared to the previous month, as well as in the annual comparison. And in “red” also looking at the pre-Covid level of February 2020.
However you look at it, it is a bad figure, a drop in industrial production in January which is unlikely to be followed by a turnaround in the short term, in light of the additional problems induced by the Russian invasion of Ukraine: February and March are announced even more complicated.
A mix of difficulties already partially present in January, with expensive energy and the lack of materials and components to slow down the activity. And with more than one company to decide at the beginning of the year to extend the Christmas break to contain the damage, perhaps avoiding producing at a loss.
The result recorded by Istat is a 3.4% drop in the seasonally adjusted index of industrial production compared to December. On the average for the November-January quarter, the level of production thus decreased by 0.5% compared to the previous quarter.
Monthly data that marks cyclical decreases in all sectors: negative changes characterize, in fact, energy (-5.2%), consumer goods (-3.6%), intermediate goods (-3.4%) and, to a lesser extent, capital goods (-1.6%).