The Italian manufacturing industry is in good health, and this year the share of turnover generated by exports will exceed the 50 percent threshold for the first time, thanks to the ability of companies to serve high value-added niches. Then, at current prices, total turnover will mark another record: with 1,160 billion euros at the end of 2022, and looking forward to surpassing 1,170 billion euros by the end of the year, 260 billion euros more than in 2019. The easing of the domestic and international operating environment, thanks in part to the return of inflation, will allow Italian manufacturing to grow in the coming years at a more brisk pace than in recent decades: 1.3 percent average annual growth in 2024-27 at constant prices and 2 percent at current prices. On the domestic front, the expectation is that National Recovery and Resilience Plan funds will support the investment cycle, offsetting the less bright trend in consumption, which has been penalized by the erosion of real incomes imposed by inflation, especially in 2023 and, in the medium term, by changes in spending habits, also resulting from the progressive aging of the population.
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