Italy’s National Statistics Institute (ISTAT) reported that overall industrial production for 2020 was down 11.4 percent compared to the previous year.
Media reports say it is the worst one-year decrease in industrial production in Italy since 2009, the year after the start of the world financial crisis. ISTAT said it was the second-worst full-year reduction since it started keeping records in 1990.
But there were some positive indicators in ISTAT’s report. In December, production was down just 0.2 percent compared to November despite a normal cyclical decline in production in the last month of the year. Compared to December 2019, production was 2.0-percent lower when corrected for the fact that there was an extra workday in December 2020 compared to the same month a year earlier.
For the final three months of the year, industrial production was down 0.8 percent compared to the previous economic quarter.
Among specific areas, only intermedia goods — industrial products used to make completed for-sale goods, such as machine parts — saw a strong increase in production, rising by 4.1 percent in December. Consumer goods fell the most, down by 9.8 percent in December compared to the previous month.