(ANSA) - ROME, MAY 27 - Italy's growth continued in the second quarter but at a more moderate pace, driven by services, while the situation of the construction industry was less solid. Inflation is persistent as expected, interest rates rise and loans fall. Mixed signals are coming from consumption, while investments are growing even if they are little. In general, there is weakness on the Eurozone front, while industry is restarting in the US. China is slowing down, India is growing. This is what emerges from the monthly analysis on the economic situation carried out by the Confindustria study center.
The 2nd quarter of 2023 opened with some weak signs for Italy, after the good performance of GDP at the beginning of the year, reports the analysis. The situation is solid in services, less in industry and construction. The fall in gas prices is a powerful positive boost, but consumption remains weighed down by inflation, investment by the cost of credit and exports have stopped, given the global slowdown. Italian inflation stopped its decline in April (+8.2% year-on-year, from +7.6%), but the downward trend will continue, thanks to the increasingly falling price of gas (€34/MWh in May) and the increasingly full effects of rising rates. Consumer food prices remain under pressure (+11.8%), but they too will gradually cool as raw materials are expensive but without further increases (in April +49% from 2019).
(ANSA).
Confindustria, growth continues but is more moderate
2023-05-27T10:00:44.990Z
Highlights: Italy's growth continued in the second quarter but at a more moderate pace, driven by services. Inflation is persistent as expected, interest rates rise and loans fall. Mixed signals are coming from consumption, while investments are growing even if they are little. In general, there is weakness on the Eurozone front, while industry is restarting in the US. China is slowing down, India is growing. The 2nd quarter of 2023 opened with some weak signs for Italy, after the good performance of GDP at the beginning of the year.
Italy's growth continued in the second quarter but at a more moderate pace, driven by services, while the situation in industry and construction was less solid. Inflation is persistent as expected, interest rates rise and loans fall. (ANSA)
