Italy's industrial turnover, orders up in December

Italy's industrial turnover and orders were up in December, making 2014 annual figures return to positive growth after two years of drops, national statistics institute Istat said on Friday.

According to an Istat report, turnover in December increased by 1.4 percent compared to November, 0.8 percent up in domestic market and 2.8 percent up in non-domestic market.

Also in December, orders grew by 4.5 percent compared with the previous month, 1.8 percent up in domestic market and 8.1 percent up in non-domestic market.

In the same month, turnover grew by 0.9 percent and orders by 5.8 percent compared to December 2013. For the whole of 2014 they were up 0.1 percent and 1.1 percent with respect to 2013.

Also on Friday, Istat confirmed preliminary estimates that the country returned to deflation in January with an annual inflation rate down 0.6 percent, the lowest level since September 1959.

Italy is struggling to overcome three years of negative growth amid impoverished living conditions of households and record high unemployment rates of youth.

As a result of enduring economic crisis, more than 10 million citizens, or 16.6 percent, live in relative poverty, with 6 million of them unable to afford acceptable life standards, according to Istat.

However the institute's preliminary data released last week said Italy posted zero growth in the last quarter of 2014, marking the end of its longest technical recession.

Italian central bank Deputy Governor Salvatore Rossi said at a conference held in Rome on Friday that the Italian economy is at a "turning point," though recovery will be very modest.

Gross domestic product (GDP) in the January-March period, Rossi said, will post "a small positive sign after three years," also thanks to the positive impulse of the European Central Bank (ECB) expansionary monetary policy. Endit