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Italy's Manufacturing Growth Robust In December

02 January 2018

This is also the highest PMI in the last three months of October, November and December.

The World Bank last month raised its projection for China's gross domestic product (GDP) a year ago to 6.8%, up from its October estimate of 6.7%, citing support from strong exports and robust domestic household consumption.

Demand from North American customers was particularly strong during December, the report found.

A trend of synchronised global growth that became apparent over the course of previous year looked set to continue, with activity surveys in the euro zone and the United States later in the day expected to post strong readings.

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"Weak domestic demand was reported as the key reason behind lower volumes of new business, as new export orders rose for the second month in succession".

"Manufacturers will be looking to the new year for the progress on the National Energy Guarantee and other measures to put downward pressure on business costs", Mr Willox said.

Job creation accelerated in December and was steep overall as firms made efforts to expand capacity.

During December, production, inventories and supplier deliveries expanded at a quicker pace, while employment, exports and new orders and sales slowed - the latter impacted by volatility in the local dollar and the building construction slowdown.

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"(British manufacturing) broadly maintained its solid boost to broader economic expansion in the fourth quarter", said Rob Dobson, director at PMI compiler IHS Markit.

"Meanwhile, the Future Output Index signalled the strongest level of confidence in three months, with more than one-in-five survey participants forecasting higher production". Companies reported cross-sector increases for raw material, forcing them to raise their average selling prices in order to pass on some of the cost burden to clients.

"Challenges remain as the economy adjusts to recent shocks, but the overall upturn was robust compared to the trend observed for the survey history".

"Given the strong conditions evident in the manufacturing sector, it is no surprise to see that firms are upbeat about the outlook", Philip O'Sullivan, economist with Investec, said.

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Italy's Manufacturing Growth Robust In December