Italian industrial production misses forecasts in February

Italian industrial production rose less than expected in February, leading to a small risk that economic growth in the first quarter of 2017 might undershoot some economists' forecasts.

Total industrial production grew by 1.0% month-on-month, according to ISTAT, which was less then the 1.3% rise that economists had penciled-in.

It followed a large 2.3% drop during the previous month.

In March, factory production expanded at a 1.3% clip in comparison to the previous month as output from mining, electricity and gas jumped by 8.9% on the month.

Production of computer and electrical equipment on the other hand slipped by 1.1% on the month.

In comparison to a year ago, total industrial output was 1.9% higher in calendar-adjusted terms.

By industrial groups, production of capital goods was up 2.9%, while that of intermediate goods rose 2.2% and that of durable consumer goods increased 2.9%.

Output of non-durable consumer goods on the other hand slipped 0.8% versus January, led by a 6.2% slide in energy.

Commenting on Monday's data, Fabios Fois at Barclays Capital said that assuming industrial production rebounded by 0.5% in March then total production would see the first quarter out with a fall of 0.4%, leading to a small risk that his forecasts for GDP to expand by 0.2% on the quarter would be wide of the mark.