Italy's machine construction industry in a slump--Metal processing industry hit by severe production cutbacks

摘要

In addition to the credit crunch, general uncertainty regarding production planning has contributed to the slump. The decline is expected to level off to 0.4 percent next year with a turnaround likely in 2011, The metal processing industry has seen the number of hours paid by compensation funds increase tenfold in the first quarter to 53 million compared to 2008, while the average annual salary has stagnated at EUR 27,500. Production in the first quarter of 2009 dropped 30 percent from the previous year. The processing machines field saw a 27 percent decline while the automobile industry suffered a 45 percent drop in production.