Confindustria: Italian industry returns to pre-crisis and drives the EU
Italian manufacturing “more solid and sustainable, drives Europe’s recovery”. This is what emerges from the report of the Confindustria Study Center on industrial scenarios “Manufacturing at the time of the pandemic. The recovery and its unknowns”. “Unlike what happened with the previous global crises, after the collapse of over 40 percentage points in the two months of March and April 2020, Italian manufacturing not only steadily recovered the levels of activity prior to the outbreak of the pandemic, but – underlines the Csc in the annual report on industry – it has become one of the main engines of industrial growth in the Eurozone. In fact, in Germany and France, despite a less drastic drop in production volumes in the most critical months of 2020, the full resorption of the shock still appears far away: German production is still 10% below pre-crisis levels, and French production by 5% “.
Italian exploit thanks to demand and income support
For Confindustria, “the Italian industrial performance is explained above all by a dynamics of the internal component of demand which, thanks to the government measures to support income from work first and to stimulate spending later, made a decisive contribution to the recovery of national production. . Against a foreign turnover which in August 2021 marked a + 2.8% in value compared to the peak of February 2020, the internal turnover recorded a + 7% over the same period of time. Growth is mainly driven by sectors related to construction, where an investment boom is underway “. According to the CSC, the “low degree of exposure of Italian manufacturing companies to the bottlenecks that are afflicting global value chains at this juncture. Based on the average responses from companies in the second half of 2021,” only ‘15.4% of them complained about production supply constraints due to lack of materials or insufficient facilities, against an EU average of 44.3% and even 78.1% of respondents in Germany “. “The resilience of production capacity in Italy, also supported by a massive recourse to loans guaranteed by the State (the new net debt contracted by Italian manufacturing companies in 2020 was equal to 4.1 points in turnover, compared to just 0, 3 in 2019) – explains the CSC – has averted a strong wave of closures and thus avoided heavy negative repercussions on the employment front. At the end of the second quarter of 2021, the hours worked in industry were below pre-pandemic levels by 4.2% compared to the same period of 2019, employment by 1.1%. For the second part of the year, the expectations of manufacturing companies on the labor demand front remain positive “. (AGI) Thu 2010 34 NOV 21 NNNN
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