Manufacturing turnover benefited from an acceleration in the growth rate in the second half of 2017, thanks to the renewed momentum of investments. At the end of the first eleven months, turnover increased by 4,5% at current prices and by 2,8% net of inflationary effects.
The growth is widespread across the sectors, with the exception of Household Appliances and Consumer Goods. Among the best performing sectors, Metallurgy (+15.5%), Electrotechnics (+8.8%), Chemical intermediates (+8.3%), Motor vehicles and motorcycles (+7.3%), Metal products (+6.4%) and Mechanics (+5.7) stand out %).
Italy grew more than its competitors in terms of exports of manufactured goods in the first nine months of 2017. A particularly positive performance in non-EU markets, the most exposed to the pressures deriving from the recent strengthening of the euro. Pharmaceuticals, Cars and motorbikes, Fashion system and Metal products have gained important shares on these markets.
The outlook for manufacturing remains good for 2018: the leading indicators suggest that the continuation of a growth path is likely, thanks to the maintenance of good prospects on international markets, where Italian exports appear to be less and less sensitive to the effect of the exchange rate . An analysis of sensitivity to the dollar/euro exchange rate shows how, on average for manufacturing, countries linked to the dollar or with currencies depreciating sharply against the euro account for just 23% of our exports and represent only 15% of the competition.
An important support will also come from investments: the trend of renewing plants from a 4.0 perspective will go alongside the need to expand manufacturing production capacity, now close to saturation in many sectors.
The recent increases in oil prices could lead, in 2018, to an increase in operating costs of companies, equal to 6,5 billion euros (8,4% of overall manufacturing margins).
Prometeia analysis of industrial sectors
