In a report published Thursday, March 4, the statistical bureau of the Italian industrial confederation Confindustria stated that Italian industrial production increased by 0.3 percent month on month in February. In the previous month, the figure had indicated a 0.7 percent growth as compared to December.
Accordingly, industrial activity in Italy is still 16.7 percent lower than the pre-crisis peak (reached in April 2008), though it has recovered by 12.3 percent from the darkest moment in March 2009.
Average daily industrial production increased in February by 4.3 percent year on year, while in January the year-on-year increase amounted to 4.4 percent. Industrial activity in Q1 2011 has so far grown by 1.5 percent quarter on quarter, after having dropped by 0.2 percent in Q4 2010 from the previous quarter - this having been the first decrease after five consecutive quarters of growth.
As stated in the report by Confindustria, Italy's purchasing managers indexes (PMIs) convey an optimistic outlook as they show a positive trend in total purchasing activity, rising from 57.6 to 59.7, led by orders received from foreign countries (especially those in the eurozone), which are growing at the fastest pace ever recorded. On the other hand, the PMI measuring industrial production has increased by 3.9 points in February compared to January to 64.1 (showing the steepest uptrend in 14 years), while the overall PMI has reached the value of 59.0, the highest since the year 2000.