Montag, 20.08.2018 10:50 Uhr

Italy’s economy is "slowing"

Verantwortlicher Autor: Carlo Marino Rome, 01.08.2018, 08:49 Uhr
Nachricht/Bericht: +++ Wirtschaft und Finanzen +++ Bericht 4150x gelesen

Rome [ENA] The new italian macroeconomic variables are much less encouraging than last spring and that will affect economic policy decisions of the government for the Budget Law of mid-October. Italy's gross domestic product (GDP) rose 0.3% in the second quarter with reference to the previous three months and 1.1% in year-on-year terms, according to preliminary calendar and seasonally adjusted data released by

ISTAT (Italian National Institute of Statistics) on 31st July. The quarterly growth rate is the lowest that has been registered since the third quarter of 2016. The Italian National Institute of Statistics declared the economy is "slowing". According to preliminary data released by the Italian National Institute of Statistics in June 2018, 23.320 million persons were employed. So unemployed were 2.866 million, +2.1%, 60,000 more than the previous month, that's -0.2% over May. Italy's unemployment rate rose to 10.9% in June, up 0.2 of a percentage point on the previous month.

The Institute said the unemployment rate was down to some extent on the same time last year, at around the same level as at the end of 2012. In the first quarter GDP was up 0.3% compared to the previous three months and 1.4% compared to the same period in 2017. The euro area (EA19) seasonally-adjusted unemployment rate was 8.3% in June 2018, stable compared with May 2018 and down from 9.0% in June 2017. This is the lowest rate recorded in the euro area since December 2008. The EU28 unemployment rate was 6.9% in June 2018, also stable compared with May 2018 and down from 7.6% in June 2017. This is the lowest rate recorded in the EU28 since May 2008. These figures are published by Eurostat, the statistical office of the European Union.

The slowdown of Italian GDP will cause a drag effect on the year 2019, with an important impact on public accounts. For the accurate figures of the economic situation, one has to wait till November, but even now it’s possible to presume an impact of 8 - 10 billion Euros on the public accounts in 2018-2019. This is a direct consequence of a 0.4% lower growth compared to the last estimate, and of the impact of the economic slowdown in 2019. With the addition of higher interest expense caused by the 100-point increase in the spread. What will be now the possible consequences of the international markets and of those investors who overseas hold the very high amount of Italian government bonds and bonds of Italian companies?

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