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The expected export-driven recovery from mid-2013 has not materialised thus far due to sluggish external demand and the loss of impetus in emerging markets (recipient of 30% of Italian exports). Meanwhile, ongoing austerity, rising unemployment and persistent strains in the credit market weighed additionally on domestic demand. As a result of these domestic and external weaknesses, manufacturing and services PMI remained below the 50 expansion-contraction mark in H1, although the former edged up marginally in June.
Source : Cushman & Wakefield
