Money Buzz! Europa

Tag: italy economy

  • Italian economy recovered slightly in the third quarter

    Italian economy recovered slightly in the third quarter

    In the third quarter, Italy Gross Domestic Product increased by 16.1% with respect to the previous quarter, whereas it decreased by 4.7% over the same quarter of 2019.

    As for external trade, in August, seasonally-adjusted data, compared to July, rose by +3.3% for outgoing flows and by +5.1% for incoming flows.

    Exports grew for both EU countries (+5.3%) and non EU countries (+1.2%). Imports increased by +5.2% for EU countries and by +4.9% for non EU countries.

    Over the last three months, seasonally-adjusted data, compared to the previous three months, increased for both exports (+26.2%) and imports (+18.7%).

    In September, in seasonally adjusted terms, exports to non-EU27countries increased by 8.3% and imports decreased by 2.7% compared with August.

    In September, unemployment continued the decrease already began in August

    In the period July-September, with respect to the previous quarter, employment grew (+0.5%, +113 thousand).

    According to preliminary estimates, in October the rate of change of the Italian consumer price index for the whole nation (NIC) was +0.2% on monthly basis and -0.3% on annual basis (from -0.6% in September).

    The halving of the decrease of consumer price indices was mainly due to the speed-up of the growth of the prices of unprocessed food and to the reduction of the drop of those of regulated energy products.

  • The Italian executive estimates an economic growth of 6% in 2021

    The Italian executive estimates an economic growth of 6% in 2021

    The Italian government published on Tuesday morning an update of the macroeconomic projections for 2020 and 2021 and estimates that next year the growth of the economy will be 6%, the deficit of 7% of the Gross Domestic Product and the debt of 155.6% of GDP, EFE reports.

    The Italian executive confirmed the estimates advanced last week for 2020: the economy will shrink by 9%, the deficit will stand at 10.8% of GDP and the debt at 158% of GDP.

    Authorities expect growth to be 3.8% in 2022 and 2.5% in 2023, while the budget deficit will be 4.7% of GDP in 2022 and 3% in 2023.

    Italy is committed to gradually reducing its debt to ”bring it back to pre-coronavirus levels” by the end of the decade. Currently, it is estimated at 154.3% of GDP in 2022 and 154.1% in 2023.

    Italy must send the draft budget and reform plan to the European Commission by mid-October.

    In the short term, measures are being considered to support employees and the productive sectors affected by the coronavirus pandemic, but will also include ”deep and high-impact investments and reforms”, such as ”a comprehensive fiscal reform that improves equity, efficiency and the transparency of the tax system”, to reduce the tax burden on families and to fight against evasion.

    There will be aid for families with children, support for digitalisation and infrastructure, all this ”at the same time as the constant reduction of public debt”.

  • Italy in June 2020: exports increased by 14.9% and imports by 20.0%

    Italy in June 2020: exports increased by 14.9% and imports by 20.0%

    Istat latest data show that in June 2020, exports increased by 14.9% and imports increased by 20.0% compared with May 2020.

    Over the last three months, data showed a 28.1% decrease in outgoing flows and a 20.3% decrease in incoming flows in comparison with the previous three months.

    In June 2020 exports to non-EU27 countries decreased by 15.6% and imports decreased by 17.0% compared with the same month of the previous year.

    The trade balance showed a surplus of 4,436 million euro compared with a 4,994 million euro surplus in the same month of 2019.

    In June 2020 excluding energy, the trade balance showed a surplus of 6,015 million euro compared to the surplus of 8,299 million euro of June 2019.

    For the former non-EU28 area, which does not include the United Kingdom, in June 2020, exports decreased by 15.4% and imports decreased by 17.6% compared with the same month of the previous year.

    In seasonnally adjusted terms, exports increased by 15.4% and import increased by 18.5% compared with May 2020.

    The trade balance showed a surplus of 3,568 million euro (there was a 3,852 million euro surplus in June 2019).