The Italian economy is slowing down
and the industrial sector is hit by a crisis, the research
centre of industrial association Confindustria said on
Wednesday.
In its monthly analysis, Confindustria highlighted the "elevated
uncertainty over Italy's GDP in the third quarter, after a stop
in the third".
On the one hand, "confidence is low, the industry is in crisis,
exports are weak, the eurozone sluggish"; on the other,
Confindustria's economists highlighted a "growth trend" in the
tourism sector and in services, "a constant drop in rates,
reduced inflation, the implementation of the NRRP" as
conjunctural factors driving the economy while "structural
obstacles" are hindering growth.
In particular, Confindustria said the industrial sector is "in
crisis".
"In October, production remained unvaried but continued to
register a strong tendential contraction (-3.6%), which was
significant for vehicles (-34.5%), leather products (-17.2%),
refined oil products (-15.8%)", it said.
The Real Time Turnover (RTT) index grew in October and business
confidence bounced back, however the purchasing managers' index
in manufacturing sank to 44.5 from 46.9, it noted.
Overall, the scenario included "lower investments" and "volatile
spending" with consumer confidence dropping in October-November,
as well as "weak exports" and, globally, a "sluggish eurozone",
"weak industrial activity" in the US while "China grows".
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