Summary

• Seasonally adjusted Italian industrial production index increased by 0.7% on the month (+0.2% in February), the second consecutive monthly gain and much better than expected.
• The improvement is somewhat surprising, given it occurred when the war in the Middle East was fully underway.
• If some manufacturing resilience is confirmed throughout the second quarter, the Italian economy might manage to stabilise rather than contract.

By Paolo Pizzoli, Senior Economist, Italy, Greece

The seasonally adjusted Italian industrial production index increased by 0.7% on the month (+0.2% in February), the second consecutive monthly gain and much better than expected. The working day-adjusted measure increased by 1.5% on

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