Thursday December 01 2016
Italy Unemployment Rate Falls to 11.6%
Istat | Joana Taborda | joana.taborda@tradingeconomics.com

The jobless rate in Italy decreased to 11.6 percent in October of 2016 from 11.7 percent in the previous month, matching market expectations. However, the economy shed 30 thousand jobs and 82 thousand more people left the labour force.

There were 2.989 million unemployed people, 37 thousand less than in the previous month. Employment fell by 30 thousand to 22.75 million and those detached from the labour force increased by 82 thousand to 13.64 million. As a result, the employment rate declined by 0.1 percentage point to 57.2 percent and the inactivity rate rose by 0.2 percentage points to 35.1 percent.
 
Unemployment was steady at 11 percent for men but fell by 0.3 percentage points to 12.4 percent for women as more women were detached from the labour force. The inactivity rate for women went up by 0.3 percentage points to 45 percent while for men it increased by a smaller 0.1 percentage point to 25.2 percent.
 
Among youth, unemployment declined by 0.4 percentage points to 36.4 percent.




Thursday December 01 2016
Italy GDP Growth Confirmed at 0.3% QoQ in Q3
Istat l Rida Husna | rida@tradingeconomics.com

Italy's gross domestic product expanded 0.3 percent quarter-on-quarter in the three months to September, compared to an upwardly revised 0.1 percent growth in the June quarter and in line with preliminary estimates. Positive contributions from domestic demand offset a decline in net exports.

In the third quarter, domestic demand contributed 0.3 percentage points to growth (from +0.1 percentage points in the preceding quarter). Private consumption, investment and inventory accumulation each contributed 0.1 percentage points to quarterly growth. Government spending gave no contribution to growth. Net exports contributed negatively to growth (-0.1 percentage points from +0.3 percentage points).

Compared to the same quarter a year earlier, the GDP advanced 1.0 percent, slightly faster than earlier projections of a 0.9 percent growth.

For 2016, the economy is predicted to grow by 0.8 percent, lower than previous estimates of 1.2 percent expansion made in September.




Wednesday November 30 2016
Italian Inflation Beats Expectations in November
Istat | Yekaterina Guchshina | yekaterina@tradingeconomics.com

Italy's consumer prices rose 0.1 percent year-on-year in November 2016 after falling by 0.2 percent in October and better than market expectations of 0.1 percent drop. Annual core inflation went up to 0.4 percent compared to 0.2 percent in the previous month. On a monthly basis, consumer prices fell 0.1 percent, at the same pace as in October but less than market expectations of 0.3 percent decline.

Year-on-year, prices increased for transport (+0.7 percent vs +0.2 percent in October); recreation and culture (+0.2 percent vs 0.0 percent); restaurants and hotels (+0.9 percent vs -0.3 percent); clothing and footwear (+0.5 percent vs +0.4 percent); miscellaneous goods and services (+0.7 percent vs +0.4 percent) and remained unchanged for food (-0.2 percent in October) 

Meanwhile, prices fell for housing and utilities (-1.9 percent, at the same pace as in October); communication (-2.5 percent from -1.3 percent); and education (-1 percent from +0.9 percent); and hotels and restaurants (-0.9 percent from -0.1 percent). 

Excluding energy and unprocessed food, core inflation rate was recorded at 0.4 percent, from 0.2 percent in October. Excluding energy, the inflation fell to 0.5 percent from 0.6 percent. 

On a monthly basis, consumer prices declined 0.1 percent, at the same pace as in October but less than market expectations of 0.3 percent decline, mainly due to the decline of prices of transport (-0.4 percent); communication (-0.7 percent); recreation and culture (-0.3 percent); restaurants and hotels (-1.1 percent) and health (-0.1 percent).

The harmonized index rose 0.1 percent on the year and went down 0.2 percent on the month. 




Thursday November 17 2016
Italy Trade Surplus Above Expectations in September
Istat | Joana Ferreira | joana.ferreira@tradingeconomics.com

Italy's trade surplus rose to €3.67 billion in September 2016 from €2.19 billion in the same month of the previous year and better than market expectations of €2.85 billion surplus. Exports rose 3.1 percent while imports declined 2.7 percent. With European Union countries, Italy registered a trade surplus of €0.78 billion, compared with a surplus of €0.41 billion euros in September 2015.

Year-on-year, exports rose 3.1 percent to €35.86 billion from €34.79 billion, boosted by higher sales of: Vehicles (+13.6 percent); pharmaceutical preparations, medicinal chemical and botanical (+7.1 percent); sport goods, games, musical instruments and other products (+5.7 percent); food, beverages and tobacco (+5.7 percent); and agricultural goods (+5.4 percent). By contrast, exports fell for: Coke and refined petroleum products (-6.5 percent); and electrical equipment (-2 percent). By main industrial groups, sales rose for: consumer goods (+4.2 percent); capital goods (+3.3 percent); intermediate goods (+2.2 percent); but decreased for energy (-2.8 percent). 

The biggest increases in shipments were reported for China (+23.3 percent); Japan (+18.2 percent); the US (+11.1 percent); Spain (+7.3 percent); and Austria (+7.2 percent). Meanwhile, sales fell the most to OPEC countries (-10.9 percent), Belgium (-10.5 percent) and Turkey (-8.4 percent).

Imports shrank 2.7 percent to €32.19 billion from €33.10 billion in September 2015, led by a fall in purchases of natural gas (-22.1 percent), coke and refined petroleum products (-21.8 percent), crude oil (-13.7 percent), substances and chemicals (-11.1 percent) and agricultural goods (-8.2 percent). Meanwhile, imports of vehicles rose 19.5 percent. By main industrial groups, purchases fell for: energy (-18.8 percent); intermediate goods (-5.8 percent); and consumer goods (-0.7 percent); while imports of capital goods rose (+6.4 percent).

The decline in imports mainly reflected the fall in purchases from Russia (-22.4 percent), Belgium (-15.2 percent), the US (-14.7 percent), India (-10.8 percent), and China (-8.5 percent). In contrast, imports rose the most from Czech Republic (+18.3 percent) OPEC countries (+9.5 percent) and Spain (+7.3 percent).

With European Union countries, Italy registered a trade surplus of €0.78 billion, compared with a surplus of €0.41 billion euros in September 2015.




Tuesday November 15 2016
Italy GDP Growth Beats Expectations in Q3
Istat | Joana Ferreira | joana.ferreira@tradingeconomics.com

Italy's gross domestic product advanced 0.3 percent on the quarter in the three months to September 2016, after showing no growth in the previous period and beating market expectations of 0.2 percent expansion, preliminary estimates showed.

A positive contribution from domestic demand was enough to offset a negative impact from trade flows. On the production side, industry and services activity expanded, while agriculture contracted.

Compared with the same quarter a year earlier, the GDP advanced 0.9 percent, accelerating from a downwardly revised 0.7 percent expansion in the three months to June 2016 and beating market expectations of 0.8 percent growth.

The government expects full-year growth of 0.8 percent in 2016, roughly in line with last year's 0.7 percent rate. For 2017, the economy is expected to expand by 1 percent.


Monday November 14 2016
Italy Falls Back Into Deflation in October
Istat | Yekaterina Guchshina | yekaterina@tradingeconomics.com

Italy's consumer prices declined 0.2 percent year-on-year in October 2016 after growing by 0.1 percent in September and worse than preliminary estimates of 0.1 percent fall. Prices fell the most since June, led by lower prices for housing and utilities, food and hotels and restaurants. Also, annual core inflation rate, which excludes energy and unprocessed food, fell to a record low of 0.2 percent compared to 0.5 percent the previous month. On a monthly basis, consumer prices fell 0.1 percent, following a 0.2 percent drop in September.

Year-on-year, prices fell for housing and utilities (-1.9 percent from -1.2 percent in September); food and non-alcoholic beverages (-0.2 percent from +0.1 percent); communication (-1.3 percent from -1 percent); education (-1 percent from +0.9 percent); and hotels and restaurants (-0.3 percent from +0.8 percent). Also, cost rose at a slower pace for clothing and footwear (+0.4 percent from +0.5 percent) and remained unchanged for recreation and culture (+0.3 percent in September).

In contrast, cost of transportation rose 0.2 percent after falling by 0.1 percent the previous month; and health prices went up 0.3 percent, compared to 0.2 percent growth in September

Excluding energy and unprocessed food, core inflation rate was recorded at 0.5 percent, from 0.5 percent in September. Excluding energy, the inflation fell to 0.5 percent from 0.6 percent. 

On a monthly basis, consumer prices declined 0.1 percent, following a 0.2 percent drop in September and below preliminary figures, mainly due to the decline of prices of transport (-0.3 percent); communication (-0.3 percent); recreation and culture (-0.1 percent); education (-1.4 percent) and restaurants and hotels (-0.4 percent).

The harmonized index fell 0.1 percent on the year and went up 0.2 percent on the month. 


Thursday November 03 2016
Italy Unemployment Rate Up to 11.7%
Istat | Joana Taborda | joana.taborda@tradingeconomics.com

Italy seasonally adjusted jobless rate increased to 11.7 percent in September of 2016 from an upwardly revised 11.5 percent in August and above market expectations of 11.4 percent. It is the biggest figure since February as the number of unemployed persons rose 2 percent while employment edged up at a slower 0.2 percent.

There were 3.016 million unemployed peopled and 22.836 million were employed. The employment rate went up to 57.5 percent from 57.3 percent as 45,000 jobs were created during September. In addition, the inactivity rate decreased to 34.8 percent. 

Youth unemployment rate, measuring job-seekers between 15 and 24 years old, declined to 37.1 percent from a downwardly revised 38.3 percent.


Monday October 31 2016
Italy Slides Back Into Deflation
Istat | Joana Ferreira | joana.ferreira@tradingeconomics.com

Italy's consumer prices are expected to fall by 0.1 percent year-on-year in October 2016 after growing by 0.1 percent in September and missing market consensus of 0.1 percent gain, preliminary estimates showed. Lower prices for energy products and unprocessed food dragged down inflation, while cost of services related to recreation, including repair and personal care showed no growth.

The decline was led by a fall in energy products (-3.6 percent from -3.4 percent in September), as a larger decline of prices of regulated energy (-6 percent from -3.8 percent) was partly offset by lower decline of non-regulated energy products (-0.8 percent from -2.7 percent). Additional downward pressure came from unprocessed food (-0.4 percent from +0.4 percent in September) while cost of services related to recreation, including repair and personal care showed no growth (from +0.6 percent).

Annual core inflation rate, which excludes energy and unprocessed food, fell to a record low of 0.2 percent compared to 0.5 percent the previous month.

On a monthly basis, consumer prices were flat, following a 0.2 percent drop in September and below market expectations of 0.2 percent gain. Higher prices of non-regulated energy products (+1.1 percent) were offset by decreases of those of services related to transport (-1.2 percent) and services related to recreation, including repair and personal care (-0.4 percent).

The harmonized index is expected to fall by 0.1 percent on the year and rose by 0.2 from the previous month. 


Monday October 17 2016
Italy Trade Surplus Widens 39% YoY in August
Yekaterina Guchshina| yekaterina@tradingeconomics.com

Italian trade surplus increased to €2.5 billion in August 2016 compared with a surplus of €1.8 billion in the same month of 2015. Exports went up 11.4 percent, driven by higher sales of motor vehicles and electrical equipment. Imports rose 9.4 percent, led by purchases of vehicles; machinery and equipment and chemical and pharmaceutical products. With European Union countries, Italy registered a trade surplus of €0.39 billion, compared with a surplus of €0.46 billion euros in August 2015.

Year-on-year, exports jumped 11.4 percent to €27.1 billion, the strongest growth since October 2012. Sales rose for motor vehicles (+67.6 percent); electrical equipment (+20.1 percent); base metals (+19.2 percent); textiles (+14.2 percent). In contrast, sales fell for coke and refined petroleum products by 11.4 percent. By main industrial groups, sales rose for: intermediate goods (+13.7 percent); capital goods (+16.5 percent); consumer goods (+8.2 percent) while fell for energy (-14.4 percent).

The biggest increases in shipments were reported for China (+28.2 percent); Japan (+24.3 percent); the United States (+17.8 percent); Czech Republic (+21.7 percent); the United Kingdom (+15.6 percent); Germany (+15.5 percent) and France (+8 percent).  

Imports went up 9.4 percent to €24.6 billion, the most since June last year. The growth was led by increases in purchases of motor vehicles (+51.6 percent); machinery and equipment (+22.1 percent) and chemical and pharmaceutical products (+20.5 percent). In contrast, imports fell for natural gas (-27.4 percent) and coke and refined petroleum products (-33.3 percent). By main industrial groups, imports increased for: intermediate goods (+10.9 percent); capital goods (+24.7 percent); consumer goods (+10.8 percent) while fell for energy (-16.3 percent).

The growth in imports mainly reflected the increases in purchases from Germany (+19.5 percent); Spain (+14.7 percent); the United Kingdom (+20.3 percent); Czech Republic (+32.9 percent); Belgium (+19.9 percent); Japan (+28.1 percent) and the United States (+24.9 percent).


Friday October 14 2016
Italy Annual Inflation Rate Confirmed at 8-Month High
Istat | Joana Ferreira | joana.ferreira@tradingeconomics.com

Italy's consumer prices rose 0.1 percent year-on-year in September 2016, following a 0.1 percent drop in August and in line with preliminary estimates. It was the first gain since January this year, as cost of accommodation and clothing continued to rise while prices of transport and housing fell at a slower pace.

Year-on-year, prices of hotels and restaurants rose 0.8 percent, following a 0.9 percent gain in August; and cost of clothing and footwear went up 0.5 percent after increasing by 0.4 percent the previous month. Additional upward pressure came from: food and non-alcoholic beverages (+0.1 percent); miscellaneous goods and services (+0.3 percent); health (+0.2 percent); and recreation and culture (+0.3 percent).

By contrast, cost of transportation edged down 0.1 percent after falling by 2.3 percent the previous month; and prices of housing and utilities decreased 1.2 percent, slowing from a 2 percent drop in August.

Excluding energy and unprocessed food, core inflation was recorded at 0.5 percent, from 0.4 percent in August. Excluding energy, the inflation fell to 0.5 percent from 0.6 percent. 

On a monthly basis, consumer prices declined 0.2 percent, following a 0.2 percent gain in August and matching preliminary figures, mainly due to the decline of prices of services related to transport (-3 percent) and of services related to recreation, including repair and personal care (-0.8 percent).

The harmonized index rose 0.1 percent on the year and jumped 1.9 percent on the month.