Again, for the twenty-first consecutive month. Italian industrial production is slowing down and the collapse of the auto industry (-40%) is dragging on, but it is not the only one. According to data released byIstatthe sector recorded a contraction of 3.6% compared to the same month of 2023. Although the seasonally adjusted data compared to September shows a breakeven, with zero change, the overall balance of the first ten months of the year remains in negative territory with a decline of 3.3%.
The crisis spares almost no sectorwith a dramatic fall in the production of transport vehicles, led by the collapse of the car market (-40%). This figure, almost half the production compared to October 2023, dragged the entire transport sector to a decline of 16.4%. The textile and clothing sector also continues to suffer, recording a reduction of 7.6% in October and an overall decline of 10.5% in the first ten months of 2024. Not even instrumental mechanics, fundamental for our industrial fabric, is saved , which lost 4% compared to the previous month and 4.2% since the beginning of the year.
Among the sectors that manage to maintain a positive sign are the food industry, growing by 3.7%, and electronics, which timidly gained 0.3%. Even chemistry, with a modest +0.1%, shows some resilience. However, these performances are not sufficient to compensate for the general decline.
Further weighing on industrial production is the slowdown in exports, on which Italian manufacturing depends for more than half of its turnover. In the first nine months of 2024, exports lost over 3 billion euros (-0.7%) compared to the previous year. There Germanythe first outlet market for Italian goods, represents the epicenter of the crisis, with a contraction in imports of Italian products of 3.1 billion. The sectors most affected are those of mechanics and components, penalized by the stagnation of the German automotive market and the construction crisis.
The decline in industrial production is reflected in the GDP, with theIstat which revised growth estimates for 2024 downwards, bringing them to a modest +0.5%. Domestic demand is holding up, but is not enough to offset the decline in foreign demand. Although consumption, supported by a workforce at historic highs, can offer a minimum of respite during the Christmas period, the industrial situation is struggling to recover.
