In January, Italian industrial production grew by 0,3% on a monthly basis, against -0,9% in December. This is what can be read in the estimates published today by the Confindustria Study Center (Csc) a few hours after the release of the latest Istat data for 2013.
The CSC recalls that, compared to the pre-crisis peak (April 2008), the level of activity remains 24,4% lower. The first quarter of 2014 starts off with a negative momentum: in January the cyclical variation acquired is -0,1% (in the fourth quarter there was an increase of 0,7% on the previous one). However, the leading qualitative indicators signal the continuation of a positive (albeit weak) trend in production.
The orders component of the manufacturing PMI - in the area of expansion for seven months - indicates a significant increase in January (the second largest in almost three years), albeit slowing down compared to the December peak (53,9 from 54,3) . That relating to foreign orders shows a strong progress in demand (index to 55,6 from 57,1), thanks to the greater orders coming above all from the USA.
Expectations of three months of productions and orders (ISTAT survey) are consistent with this dynamic.
