Automotive: the road to recovery starts here!
The sector’s production recorded a 25,9% growing trend during the first seven months of 2015.
The automotive sector, with its 1,2 million direct and indirect operators making up 7,6% of the total national workforce employed in the industrial, commercial and service sectors, is proving to be the national economy’s real driving force.
This pulling effect stems from the sector’s production, up by 15,9% during the first seven months of 2015. Istat data confirm, in fact, the industry’s recovery. The national production of automobiles and engines was particularly consistent, with a 44,9% increase in the month of July and a growing trend of 44,2% for the January-July period, while the production of car bodies, trailers and semi-trailers recorded an encouraging +12,3%. Spare parts and accessories too recorded growing figures, with an 8,7% rise during the first seven months of the year.
This growing trend resulted in an 18,6% increase for the sector’s turnover for the January-May period. This compared to the 0,1% turnover increase scored by the national industry as a whole, thanks mainly to exports. The automotive sector’s figures are extremely positive when compared to variation in sales and orders for the industrial sector as a whole.
As a consequence consumer confidence index is back on track while business confidence index remains substantially stationary: according to official Istat data, consumer confidence, benchmarked to 2010=100, rose from 106,7 in July to 109 in August. Conversely, the Business confidence Index ( Istat Economic Sentiment Indicator ) also benchmarked to 2010=100, records a slight drop, going from 104,3 in July to 103,7 in August.
Both indicators remain stable at the highest observed levels in the last two years. Contributing to a higher consumer confidence are the economic components (from 128.2 to 132.3) with other components contributing to a lesser extent: citizens’ opinions from 99.5 to 101.4, current economic conditions from 101.7 to 104.0 and from 114.7 to 117.4 for future conditions. Regarding businesses, the confidence index rises in the retail trade (from 106.9 to 107.5) and in the building industry (from 117.6 to 119.5). Slight drops are recorded, on the other hand, in manufacturing companies (from 103.5 to 102.5) and market services (from 109.9 to 109.7).
Overall, in the second quarter of 2015, the gross domestic product (GDP), benchmarked to 2010 figures, increased 0.3% over the previous quarter and 0.7 % compared with the second quarter of 2014. The second quarter of 2015 had the same number of working days of the previous quarter and an extra working day compared to the second quarter of 2014. The growth of gross domestic product in the second quarter was determined by the favorable performance of the manufacturing and service sectors. Therefore the variation for the year 2015 is + 0.6%.
"After a positive first half of the year, with Italian production of passenger cars up by 63%, the beginning of the second half looks very positive." - says Gianmarco Giorda, Director of ANFIA - "The domestic production’s growing trend "- continues Giorda -" guarantees a good level of orders for the Italian spare parts supply network: according to Istat, the production of motor vehicle spare parts and accessories grew by 17.5% in August and 8,7% in the first seven months of the year, thanks also to the contribution of domestic orders, up 11.1% in January-May 2015, with total orders growing by 4.8%".