Cars and pharmaceuticals are not enough. Even though the traditionally stronger sectors of recent times continue to grow, the average industrial production in June is negative, pushed down by a long sequence of negative signs, starting with fashion.
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In the month, the cyclical decline is one point, 0.6% on an annual basis, thus trimming down the already meager 2026 balance, which at this point is reduced to 0.5% growth. The worst sector is textiles and clothing, down by more than seven points, but wood-paper, rubber-plastics, chemicals, metallurgy, and machinery are also slowing down.
In progress, however, are electronics, pharmaceuticals, and means of transport, recently driven by the rebound of cars, which even in June (under motor vehicles, which also includes commercial ones) grow in production terms by over 10%.
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Looking at the first half of the year, if the transport sector, with a 10-point increase, is the best sector of 2026, elsewhere scrolling through the list of sectors there is more than one negative sign. As happens with fashion, wood and paper, or chemicals, while the food sector is close to zero, at the same levels as 2025.
The manufacturing data are not brilliant, already reflected in the GDP data for the second quarter which for Italy shows signs of resilience, with data above expectations (+0.2 quarter-on-quarter, +1% annually, driven however by services, not industry), pushing the Parliamentary Budget Office to revise upwards the 2026 estimate by four tenths, bringing it to +0.9%, driven by domestic demand against net exports with zero growth.
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