Italian industry 2nd to Germany in value added

Despite the economic crisis, Italy is second only to Germany among major European economies in terms of adding value to its industries, Premier Mario Monti said Monday. "Despite the crisis and the progressive loss of competitiveness of the Italian economy in the decade preceding the crisis...among the main European economies, Italy is second only to Germany in terms of industrial total value added," Monti said during the opening of a new Barilla plant near Parma. Total value added is calculated by subtracting outside purchases from a company's revenue. Italy also remains on course for improving economic performance, Monti added. "There is still work to do, but we are on the right track". Still, to grow out of the current recession, Italian workers and companies must work even harder, he said: "We need to mobilize all our energy to grow". Monti also warned that the rest of Europe is watching to see the proof that government reforms and public efforts will work in turning around the country's economic performance.