Italy was among the major countries with considerable value in the EU-28 industrial output in 2018. The country held approximately $2.1 trillion, which represented 2.4% of the world’s GDP in 2018. Iron and steel, food processing, textile, and automobile are some crucial manufacturing industries in the country. However, these industries have been facing a significant impact of COVID-19 pandemic owing to the lockdown effect. Italy has among the countries with a significant number of COVID-19 incidences. As a result, strict measures have been implemented by the Italy government to limit the spread of the virus. Therefore, most of the industries have temporarily shut down as per the government orders. For example, the major automobile company in Italy, Ferrari S.p.A. has shut down its production facilities due to the orders by the Italian government for nationwide lockdown coupled with the effect of COVID-19 pandemic.
In addition, Italy consists of several small and medium enterprises and they are facing significant revenue losses amid COVID-19 pandemic. As per the Organization for Economic Co-operation and Development (OECD), in Italy, the share of microenterprises in the most affected sectors is 60%, whereas their share in total employment in the business economy is respectively 45%. This may result in wage cuts and staffing cutbacks. The OMR report titled “Impact of COVID-19 on the Italy Economy” has provided the pre and post COVID-19 impact along with industry verticals analysis. Several authentic sources are used to properly estimate the effect of the outbreak on the Italy economy and values are derived accordingly.
Automobile companies shifted focus towards ventilator and mask production
On 23rd March 2020, Fiat Chrysler Automobiles (FCA) announced the commencement of face masks production. The company plans the production of 1 million face masks every month for workers in healthcare clinics and hospitals, emergency medical technicians (EMTs), and police. In addition, on 3rd April 2020, the company declared that it is collaborating with Siare Engineering, a manufacturer of ventilators in Italy, to provide additional resources to support leverage the production of ventilators. This will support to meet the demand for ventilators in the country.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-italy-economy
The Report Covers
- Historical market growth estimation of the Italy economy excluding COVID-19 pandemic effect
- Deviations in the Italy economy growth rate due to COVID-19 pandemic
Verticals Affected Most
- Automobile
- Food & Beverage
- Aviation
- BFSI
- Retail
- Travel and Tourism
- Healthcare
- Personal Protective Equipment
- Others
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/impact-of-covid-19-on-italy-economy
Company Profiled
- Alitalia – Società Aerea Italiana S.p.A.
- Assicurazioni Generali S.p.A.
- Banca Sella S.p.A.
- Esselunga S.p.A.
- F. Divella S.p.a.
- Ferrari S.p.A.
- Fiat Automobile S.p.A.
- General Electric Co.
- Nexi S.p.A.
- Siare Engineering International Group s.r.l.
