![]() ISTAT also said annual inflation slowed to 6.4% in July from 6.7% in June, based on EU-harmonised consumer prices (HICP).Īnnual growth in prices of food, household and personal care stood at 10.4%, broadly in line with that of the month before and over 50% higher than the overall index. ![]() “Italy is an advanced industrial country and the weakness in industry is much more important than the tourism sector for the economy’s health,” said Lorenzo Codogno, head of LC Macro Advisors and former chief economist at Italy’s Treasury. In recent weeks, the government has said the economy could grow by at least 1.2% this year, arguing that a positive trend in the service sector supported by booming tourism would be enough to offset a widely expected slowdown in manufacturing activities. The 0.3% contraction left Italy with so-called “carryover” growth of 0.8% this year, assuming GDP would be flat in the remaining two quarters, ISTAT said. There was a negative contribution by the domestic component while the net export component had no impact on the estimate. ISTAT gave no numerical sector breakdown of its preliminary second-quarter GDP estimate, but said industry and agriculture output decreased whereas services grew marginally. “Italy is no longer outperforming its peers and we think it will experience a sharper drop in output than other euro-zone majors in the second half of 2023,” Franziska Palmas wrote in a report for Capital Economics. The gloomy data contrasts with the expectations of the government, which in April set a growth target of 1% for 2023 and estimated a moderate increase in GDP between April and June. ![]() A Reuters survey of 17 analysts had pointed to a flat reading quarter-on-quarter and a 0.9% rise year-on-year. ![]() Gross domestic product (GDP) contracted by 0.3% in the second quarter from the first, but was up 0.6% year-on-year, national statistics bureau ISTAT said. ![]() ROME (Reuters) – Italy’s economy performed surprisingly poorly in the second quarter, data showed on Monday, offering an uncomfortable outlook for Prime Minister Giorgia Meloni as her government tries to tackle the negative impact of high inflation. ![]()
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