Italy industrial orders spike at the end of 2016, driven by strong domestic demand

Data from statistical office Istat showed Friday that Italy's industrial orders increased at the fastest pace in four months in December. Italy's industrial orders rose 2.8 percent month-over-month in December, following a 1.7 percent rise in November. Compared to a year ago industrial orders were 0.9 percent weaker.

Spike in total new orders was largely driven by strong domestic demand, although sales were strongest abroad. A 6.8 percent jump in orders originating from Italy more than offset a 2.6 percent drop in foreign ones. Year-on-year domestic orders were seen rising by 10.3 percent while those from overseas fell 13.5 percent.

Meanwhile industrial turnover increased 2.6 percent in December from November, when it grew 2.4 percent. On a yearly basis, turnover growth accelerated to 9.4 percent from 3.9 percent in November.