Italian manufacturing. A washout.

(…) Italy’s makers of luxury clothing and accessories have done fairly well, boosted by strong demand from the emerging world’s new rich. But producers of low-price fabrics and clothes have been badly hit: overall, the textile industry’s output is down by 35%. Production of electrical goods has fallen by a similar proportion, and carmaking is down by 45%. Last year just 397,000 cars rolled off domestic assembly lines at Fiat, Italy’s largest carmaker, against 911,000 in 2007. Its output of vans has recovered a bit since hitting rock bottom in 2009, but at 207,000 last year was 18% below its pre-crisis peak.