turnover at +2.6% in 2022- Corriere.it
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In 2022, Italian manufacturing consolidated the phase of strong growth experienced in 2021: in the first 11 months of 2022, deflated turnover increased by +2.6% yoy, despite the slowdown in the last part of the year (-1.1% in the two-month period October -November), in line with the slowdown in production. what emerges from the analysis of the industrial sectors carried out by Prometeia and Intesa Sanpaolo. Among the large European manufacturers, Italy is confirmed as the one closest to pre-Covid production levels (-0.5% compared to the first 11 months of 2019, compared to Spain -1%, France -4.9% and Germany – 5.7%, conditioned by the slow recovery of the automotive sector).
Price boost
Turnover at current values is even more dynamic (+15.9% in the first 11 months, after +22% in 2021), supported by the push for prices (+13%) which in any case weakened during the year, in particular in the upstream sectors of the supply chains, against an acceleration of the sales lists in the downstream ones. Positive performance also for the results on international markets: in the first 10 months of 2022, the export of manufactured goods recorded a +19.4% at current values (+6.5% at constant prices), thanks to the driving force of the partners EU and the significant contribution of the United States, where Italy has shown better results in terms of maintaining market shares, compared to France and Germany.
Electronics, fashion and pharmaceuticals are growing
Most of the industrial sectors showed a growth trend in deflated turnover in the first 11 months of 2022, starting with Electronics which leads the ranking with +15.6%, followed by the fashion system (+14%). Pharmaceuticals (+11.5%) achieved one of the most brilliant export performances in the Italian manufacturing panorama. Among the producers of capital goods, electrotechnics (+4.8%) and mechanics (3.7%) recorded growth rates in deflated turnover higher than the manufacturing average. Food and beverages (+3.1% in January-November 2022) and large-scale consumption (+2.8%) are above average, but slowing down in the second half of the year.
Slow down furniture and appliances
The slowdown trend has also characterized furniture. The household appliances sector is down (-7%). The evolution of motor vehicles and motorcycles was weak (-0.4%), even if the most recent data seem to indicate a change of pace. Lastly, the lower part of the ranking is populated by producers of intermediate goods, starting with metallurgy which saw its deflated turnover contract by 5.8%. Chemical intermediates (+0.1%) stable on 2021 levels, moderate growth in construction products and materials (+1.2%) and other intermediates (+2.8%), and more intense (above the manufacturing average) metal products (+ 3.8%). In general, for these sectors, the maintenance of an expansive profile of deflated turnover is linked to the massive use of previously accumulated inventories.
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