Italian industrial production rose 0.1% MoM (vs 0.5% MoM expected) in March, while the 3Mo3M average was up 0.4%, indicating modest short-term momentum.

• On a calendar-adjusted basis, production declined -1.8% YoY, and the unadjusted industrial production index was down -0.3% YoY.
• Manufacturing production was down -3.3% YoY in March, up from -4.9% YoY in February.
• The decline in manufacturing production was offset by a rise in utilities production (+12.2% YoY) and mining & quarrying production (+1.7% YoY).