Thursday, April 2, 2020

Monthly GDP: December 2019


Growth broadly flat in December


The monthly estimate of the real GDP remains broadly flat in December (0,01% m/m). The index of industrial productionrecovered slightly in November (0.1% m/m), halting the contraction recorded in the previous two months. The modestincrease was underpinned by the expansion in sectors that are more linked to the demand of consumption of durable goods,intermediate and capital goods from the productive system. Nontheless, it has been held back by the strong decrease in theenergy sector.
Looking ahead, the signs from the surveys turn out to be weak. In December manufacturing PMI reached the minimum levelof the year (at 46.2) and the expectations of production coming from ISTAT soft data edged down with respect to the previousmonth. Data for services are encouraging (PMI improved at 51.1) and are recovering with respect to November.

Data and comment

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Methodological note


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