Italy's national statistics bureau Istat reported Monday that August industrial production was up more than 4 percent over July. The jump was the largest month-to-month jump in more than a decade.

Economists had anticipated only a slight increase in production of about 0.2 percent from July to August.

The production jump from August 2010 to August 2011 was up nearly 5 percent . Economists see this improvement as a sign that an economic turnaround may be under way.

Italy adopted austerity measures aimed at balancing its budget by 2013. In recent weeks, Italy saw its credit rating cut by ratings agencies Moodys, Standard and Poor's, and Fitch.