Industry in crisis says Confindustria

(ANSA) - ROME, DEC 11 - The Italian economy is slowing down and the industrial sector is hit by a crisis, the research centre of industrial association Confindustria said on Wednesday.
    In its monthly analysis, Confindustria highlighted the "elevated uncertainty over Italy's GDP in the third quarter, after a stop in the third".
    On the one hand, "confidence is low, the industry is in crisis, exports are weak, the eurozone sluggish"; on the other, Confindustria's economists highlighted a "growth trend" in the tourism sector and in services, "a constant drop in rates, reduced inflation, the implementation of the NRRP" as conjunctural factors driving the economy while "structural obstacles" are hindering growth.
    In particular, Confindustria said the industrial sector is "in crisis".
    "In October, production remained unvaried but continued to register a strong tendential contraction (-3.6%), which was significant for vehicles (-34.5%), leather products (-17.2%), refined oil products (-15.8%)", it said.
    The Real Time Turnover (RTT) index grew in October and business confidence bounced back, however the purchasing managers' index in manufacturing sank to 44.5 from 46.9, it noted.
    Overall, the scenario included "lower investments" and "volatile spending" with consumer confidence dropping in October-November, as well as "weak exports" and, globally, a "sluggish eurozone", "weak industrial activity" in the US while "China grows".
    (ANSA).