Industrial output in Italy was substantially more than forecast in November, a 1.9% increase from the previous month, fuelling government predictions of strong economic growth, according to data published on Thursday.

The results of a Reuters news agency poll of 18 analysts had indicated a 0.5% monthly increase.

The data corresponding to October was upwardly revised to show a 0.5% decline, against an initial 0.6% drop, as per information released from Italy’s national statistics bureau, ISTAT.

Output rose 6.3% in November on a work-day adjusted year-on-year basis. However, in contrast, a survey carried out by Reuters of eight analysts showed a 3.7% increase. October’s figure was reduced to 1.9% from the 2.0% initially reported.

The national statistics bureau said industrial production in Italy had resumed growth in cyclical terms, with the main index now 3.1% more than recorded in February 2020, the month before the coronavirus crisis hit.

Furthermore, in the three months to November, industrial output within the eurozone’s third-largest economy rose 0.6% compared to the period between June and August.

There was a month-on-month increase in regard to output in all main areas of the country’s economy in November, including investment goods, consumer goods and intermediate goods, with the largest rise recorded at 4.6% for energy products.

Moreover, an IHS Markit survey showed Italy’s factory activity enjoyed solid growth in December, with the manufacturing PMI at 62.0, slightly under November’s record high of 62.8. According to IHS Markit's economist Lewis Cooper, the Italian manufacturing sector is in good shape: "The sector remains in a very strong position as we enter 2022 with little sign of growth momentum fading significantly," he said.

According to Italian Prime Minister Mario Draghi, the nation’s economy expanded by over 6% in 2021, following the record contraction in 2020 as a result of the pandemic.

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