Italian industry is doing badly, turnover drops by 3.1% in January
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MILAN – The industry suffers and overshadows the growth of the service sectorclouding the sky above Italia Spa.
A few days after the release of a Economics and finance document which lowers growth estimates for the Italian economy, it is Istat that records the decline in Italian manufacturing turnover.
“In January, net of seasonal factors, Turnover from services is growing on a monthly basis, while sales in the industrial sector are decreasing”, note the Institute of Statistics in the newly published data. In particular, for the first month of 2024, an economic decline is estimated for the industry turnover and net of factors linked to seasonality, both in value (-3.1%), therefore taking into account current prices and volume (-2.6%), i.e. taking sales without the price component.
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Exports seem to have the greatest impact. In fact, Istat speaks of “decreases of the same intensity in values and volumes (-2.4%) on the domestic market and more pronounced declines in values (-4.5%) compared to volumes (-2.8%) on the foreign market”.
For services, however, “the increase in the seasonally adjusted index is widespread both in the sector of wholesale trade, trade and repair of motor vehicles and in that of other services, with similar dynamics both in value and volume”. The increase in detail is 1.6% in value and 1.7% in volume.
Even if we look at the comparison with January 2023, therefore in trend terms, a double track emerges between the secondary and tertiary sectors. Industrial turnover, “corrected for calendar effects, recorded a decline both in value (-3.6%) and in volume (-1.8%), with decreases of 3.4% on the domestic market (- 1.6% in volume) and 3.9% on the foreign market (-2.6% in volume). There were 22 calendar working days compared to 21 in January 2023. In services, however, there were trend increases of 3.6% in value and 3.8% in volume”, says Istat.
The reaction is worrying of the National Consumers Union, which speaks of “a terrible start to the year” with a “cold shower” after the December rise “which seemed to bode well for 2024”. “There is not one piece of data that is positive, neither economic nor trend, neither in value nor in volume, neither domestic nor foreign. In short, it can’t get any worse than this!”, comments the president Massimiliano Dona.
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