Manufacturing revenues are holding up: +0.7% in 2023 net of energy

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The December figure for industrial revenues is better than expected, up 2.1% compared to the previous month, an increase that affects all macro-categories of goods, growth consistent with the similar monthly progress in industrial production.

Compared to the previous year, the situation is essentially stagnant, with a reduction of 0.1% determined by the reduction on the domestic market, while foreign sales grew by one point.

Overall, the 2023 budget therefore improves slightly, closing with a decrease of 0.5% compared to the previous year. There was a slight increase in sales on the foreign market, while sales to domestic customers decreased. It should be noted, however, that for manufacturing alone, sales progressed by 0.7%, while it was energy that sank the general average, bringing it into the red.

There is a wide gap between sectors in the annual balance sheet, with chemistry, wood-paper, metallurgy and rubber-plastic losing ground, in some cases even by double digits. While at the other extreme, means of transport, towed by cars, achieve the best performance. With visible growth also for electronics, electrical equipment and machinery, the latter however penalized in the data relating to the month of December alone, a possible sign of a first reversal of direction as the mass of orders collected in the previous months are exhausted, now in the process of being disposed of also on the turnover side.

Overall, the trend for manufacturing revenues is thus reversed after a stellar two-year period: a rebound of over 22 points in 2021 linked to the rise in post-covid volumes and a leap of 18 points the following year, however almost entirely fueled by inflationary surge in price lists, “drugged” upwards by the abnormal increase in energy costs.



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