Italian Manufacturing Fuels Hope of 2021 Economic Recovery

Source: Bloomberg.com

Factories in Italy saw a sustained upturn in output in January. Markit survey says that goods producers remained confident of higher output over the 2021.

Italian manufacturing is picking up at the fastest pace in nearly three years, a bright spot in an economy that probably shrank close to 10% during the 2020 pandemic.

Factories, mostly located in the country’s north, saw a sustained upturn in output in January, with orders expanding at a solid pace thanks to demand from Europe and North America, according to an IHS Markit survey. Surging sales prompted firms to add staff, though they also aggravated capacity pressure -- supply chains are under strain across much of the world.

“Goods producers remained confident of higher output over the coming year,” said Lewis Cooper, an economist at London-based IHS Markit. “The manufacturing sector remains in relatively good stead as we enter 2021, with the recovery gathering further momentum in spite of ‘red zone’ restrictions in some areas.”

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