The Italian machine tool sector has rebounded from the economic crisis and has begun a new period of expansion. After a sharp drop in the domestic market following the global financial crisis of 2008, recent figures indicate a return to growth.

In an interview with Xinhua, Pier Luigi Streparava, past president of UCIMU, said that the sector is turning the corner: "In terms of the general economic situation, in the last quarter UCIMU recorded an increase in domestic demand in the machine tool sector. This means that the market is changing."

"Our country's economic system is not in such bad shape. I think that we are demonstrating this in terms of exports: if we are able to export to difficult markets at a time when all European countries are trying to export, it means that we have some good possibilities in terms of quality and also price."

Exports, which remained strong despite the widespread economic slowdown of recent years, continue to increase, confirming Italy's status as the third largest machine tool exporter in the world, after Germany and China. The country is ranked fourth in terms of production, behind Japan but ahead of South Korea.

In the third quarter of 2014, the internal order index of the Italian machine tool association UCIMU jumped by 19.1 percent, compared to the same period for the previous year, contributing to the trend of growth in the capital goods market in Italy that started at the end of 2013. Foreign orders grew by 5.3 percent, for an overall growth of 7.8 percent in the quarter.

The domestic market suffered considerably in the aftermath of the global recession, falling by close to 40 percent. The austerity measures imposed from 2011 on, which plunged the country into a second recession, led to a sharp reduction in industrial production across the board, affecting all sectors. The internal market for machine tools, which reflects activity in nearly every industrialized area of the economy, has since improved and the overall drop is now only 15 percent, while exports are above pre-crisis levels.