By Xavier Fontdegloria
Italy's industrial production fell in March following three months of increases, according to data released Tuesday by the country's statistics office, Istat.
The industrial production index decreased by a marginal 0.1% in March in seasonally-adjusted terms from the prior month, compared with a downwardly revised 0.1% monthly increase in February. The reading misses a consensus forecast from economists polled by FactSet of a 0.3% rise.
On an annual basis, Italy's industrial production surged by 37.7% in March in calendar-adjusted terms due to the comparison with exceptionally low readings in March 2020, when the pandemic first hit the country and the economy was brought to a near halt.
In March, industrial production remained 1.2% below than the pre-pandemic level registered in February 2020, Istat said.
Italy's economy, the third largest in the eurozone, entered a technical recession in the first quarter with a 0.4% gross domestic product drop, as lingering restrictions to control the coronavirus pandemic took a toll on the economy.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
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(END) Dow Jones Newswires
05-11-21 0442ET
