Industry: Confindustria, in 2021 Italy activity at pre-pandemic levels, is the driving force of the Eurozone

Unlike what happened with the previous global crises, after the collapse of more than 40 percentage points in the two months of March and April 2020, Italian manufacturing has not only steadily recovered the levels of activity prior to the outbreak of the pandemic, but has become one of the main drivers of industrial growth in the Eurozone. This is what we read in the Industrial Scenarios report of the Confindustria Study Center. In Germany and France, Csc explains in detail, despite a less drastic drop in production volumes in the most critical months of 2020, the full reabsorption of the shock still appears far away: German production is still 10% below pre-crisis levels. 5% the French one.

The Italian industrial performance, we read in the report, is explained above all by a dynamics of the internal component of demand which, thanks to the government measures to support income from work first and to stimulate spending afterwards, has made a decisive contribution to the recovery of production. national. Against a foreign turnover that in August 2021 marked a + 2.8% in value compared to the peak of February 2020, the internal turnover recorded a + 7.0% in the same period. Growth is primarily driven by construction-related sectors, where an investment boom is underway.

Furthermore, continues CSC, a fundamental role is also represented by the low degree of exposure of Italian manufacturing companies to the bottlenecks that are afflicting global value chains at this juncture. Based on the average responses from companies in the second half of 2021, ‘only’ 15.4% of them complained of production supply constraints due to lack of materials or insufficient facilities, compared to an EU average of 44.3%. compared to even 78.1% of respondents in Germany.