world news - 13.02.2003
ITALY — REPORT ON THE FURNITURE INDUSTRY
According to a CSIL analysis, furniture production in Italy, closed the year 2001 with an increase of just 0.4% at constant prices after three years of growth at an average of 5.3%. However, preliminary estimates for 2002 indicate a decline is likely with a probable drop of 3.3%. According to a CSIL Econometric Model, the next two years will mark a return to more regular growth, although at a fairly moderate pace of about 1.3% in 2003 and around 3% in 2004. In 2001 exports struggled to close the year positively for the first time in many years and in 2002 they show a contraction. The unfavourable market dynamics in the main markets could lead to a fall in exports of perhaps 4.7% this year. In 2003, because of an anticipated improvement in the economy and an anticipated improvement in business sentiment, a slight pick-up in demand is expected. Supply is expected to rise by somewhere in the region of 1.3% in line with the forecasts for recovery in manufacturing as a whole. Domestic consumption and net exports will contribute equally to the growth in furniture production next year, while in 2004 a recovery in export foreign demand is expected to be the driving force behind sector growth
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