Italian industrial production grew more quickly than expected in October

Italian industrial production sped past forecasts in October, buoyed by production of capital goods.

Excluding the construction sector, output expanded at a 0.5% month-on-month pace in October and by 2.9% year-on-year upon adjustment for a smaller number of calendar days, according to the country's statistics office.

In terms of quarterly rates of change, industrial production rose by 0.2%.

Economists had pencilled in an advance of 0.3% month-on-month and 1.9% year-on-year.

In comparison to the year ago period production of capital goods jumped by 4.8%, that of intermediate goods by 2.4%, that of consumer goods by 2.1% and energy output by 2.0%.