Italian industrial production fell -3.1% MoM and -7.1% YoY in December, well below expectations of a small -0.2% MoM decline.

• Production in Q4 was down -1.2% QoQ, and for the full year 2024, production was down -3.5%.

• Manufacturing production was down -8.7% YoY with huge declines in transport equipment manufacturing (-23.6% YoY), textiles and accessories (-18.3% YoY), and basic metals and fabricated metal products (-14.6% YoY).
• The non-manufacturing production categories, mining & quarrying (+17.4% YoY) and utilities (+5.0% YoY) offset some of the weakness in manufacturing.