Monday August 13 2018
Italy July Inflation Rate Confirmed at 1.5%
Istat | Stefanie Moya | stefanie.moya@tradingeconomics.com

The annual inflation rate in Italy rose to 1.5 percent in July of 2018 from 1.3 percent in the previous month, unrevised from the preliminary estimate and above market expectations of 1.4 percent. It was the highest inflation rate since April last year, mostly due to higher prices of energy.

Year-on-year, prices increased further for unprocessed food (3.6 percent compared to 3.4 percent in June) and processed food (1.8 percent compared to 1.7 percent). Also, cost edged up for energy (7.9 percent compared to 4.2 percent), boosted by regulated energy products (5.5 percent compared to -1.2 percent) and non-regulated (10.4 percent compared to 9.4 percent). Additionally, prices advanced faster for restaurants and hotels (1.2 percent compared to 1.0 percent); housing and utilities (2.6 percent compared to a flat reading); miscellaneous goods and services (2.6 percent compared to 2.3 percent) and alcoholic beverages and tobacco (3.8 percent compared to 3.5 percent). On the other hand, cost slowed for recreation and culture (0.2 percent compared to 0.9 percent) and clothing and footwear (0.1 percent compared to 0.2 percent). In addition, prices of health fell (-0.1 percent compared to a flat reading) and inflation was steady for furniture and household equipment (0.2 percent, the same as in June).

Annual core inflation rate, which excludes energy and unprocessed food went up 0.7 percent, easing from 0.8 percent in June. Excluding only energy, inflation rose 0.9 percent after a 1.0 percent increase in the prior month.

On a monthly basis, consumer prices advanced 0.3 percent, following a 0.2 percent gain in the previous month, in line with market consensus and unrevised from the preliminary figure.

The harmonised index of consumer prices edged up by 1.9 percent from the previous year (vs 1.4 percent in June) while declined by 1.4 percent from the prior month (vs 0.2 percent in June).




Friday August 10 2018
Italy Trade Surplus Widens More than Expected in June
Istat | Stefanie Moya | stefanie.moya@tradingeconomics.com

Italy's trade surplus widened to EUR 5.07 billion in June of 2018 from EUR 4.50 billion in the same month a year earlier, well above market expectations of a EUR 3.41 billion surplus. Exports increased 6.6 percent year-on-year and imports 5.9 percent.

Exports edged up 6.6 percent to EUR 42.17 billion in June from EUR 39.54 billion a year ago, boosted by higher sales of: vehicles (47.0 percent); base metals and metal products, excluding machines and plants (10.2 percent); pharmaceuticals, chemical-medicinal and botanical articles (15.4 percent) and refined petroleum products (20.1 percent). 

Exports rose mostly to Switzerland (55.1 percent), Netherlands (20.8 percent), the US (18.8 percent), and India 11.5 percent). Meantime, sales fell to OPEC (-18.4 percent), Turkey (-12.5 percent), Russian Federation (-10.0 percent) and Spain (-8.1 percent).

Imports increased 5.9 percent year-on-year to EUR 37.10 billion in June from EUR 35.04 billion, mainly due to higher purchases of: coke and refined petroleum products (37.7 percent); mineral extraction products from quarries and mines (23.7 percent); machinery (10.4 percent) and base metals and metal products, excluding machines and plants (9.3 percent). On the other hand, purchases of other manufacturing activity products declined (-4.8 percent).

Higher imports were recorded mainly from OPEC (34.9 percent), Romania (14.7 percent), Netherlands (13.6 percent), Russia (11.0 percent) and Germany (9.6 percent). In contrast, purchases decreased from India (-16.3 percent), MERCOSUR (-15.3 percent), Poland (-5.7 percent), Switzerland (-4.9 percent) and the UK (-4.0 percent). 

With European Union countries, the trade surplus widened to EUR 1.520 billion from EUR 1.221 billion in June last year.




Tuesday July 31 2018
Italy Q2 GDP Growth Weakest in Nearly 2 Years
Istat | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Italian economy grew by 0.2 percent on quarter in the three months to June 2018, following a 0.3 percent expansion in the previous period and matching market expectations. It was the weakest growth rate since the third quarter of 2016.

Growth was driven by domestic demand, including inventory changes; while net trade contributed negatively to GDP growth as imports rose faster than imports.

On the production side, industry and services expanded, while agriculture contracted. 

Year-on-year, the economy grew by 1.1 percent in the second quarter, compared with 1.4 percent in the previous three-month period and missing market expectations of 1.2 percent. It was the slowest pace of expansion since the fourth quarter of 2016.




Tuesday July 31 2018
Italy Inflation Rate at 15-Month High of 1.5%
Istat | Agna Gabriel | agna.gabriel@tradingeconomics.com

The annual inflation rate in Italy is expected to increase to 1.5 percent in July of 2018 from 1.3 percent in the previous month, beating market expectations of 1.4 percent. It was the highest inflation rate since April of 2017, mainly due to rising prices of energy.

Prices of food are set to rise 2.5 percent in July, following a 2.4 percent gain in June, boosted by higher prices of both processed food (2.0 percent from 1.7 percent) and unprocessed food (3.6 percent from 3.4 percent). Additionally, energy inflation is expected to pick up to 7.8 percent in July from 4.2 percent in June, due to an increase in non-regulated energy products prices (10.4 percent from 9.4 percent) and a rebound in prices of regulated energy products (5.3 percent from -1.2 percent). Additional upward pressures came from: restaurants & hotels (1.2 percent from 1 percent); housing & utilities (2.5 percent from a flat reading); miscellaneous goods & services (2.6 percent from 2.3 percent) and alcoholic beverages & tobacco (3.8 percent from 3.5 percent). On the other hand, cost slowed for transport (3.9 percent from 4.2 percent); recreation & culture (0.3 percent from 0.8 percent) and clothing & footwear (0.1 percent from 0.2 percent). Meanwhile, inflation was steady for furniture & household equipment (0.2 percent, the same as in June) and prices fell for health (-0.1 percent from a flat reading); communication (-1.9 percent from -3 percent) and education (-16.1 percent, the same as in June).

Annual core inflation rate, which excludes energy and unprocessed food rose to 0.7 percent from 0.8 percent in the prior month. Excluding only energy, the inflation should increase to 0.9 percent from 1.0 percent in June.

On a monthly basis, consumer prices went up 0.3 percent, following a 0.2 percent gain in June and above market forecast of 0.2 percent.

The harmonised index of consumer prices is expected to rise by 1.9 percent from the previous year (1.4 percent in June); and to decrease by 1.4 percent from the previous month, after a 0.2 percent increase in June.


Tuesday July 31 2018
Italy Jobless Rate Rises to 10.9% in June
Istat | Stefanie Moya | stefanie.moya@tradingeconomics.com

The seasonally adjusted unemployment rate in Italy increased to 10.9 percent in June of 2018 from 10.7 percent in the previous month and above market expectations of 10.8 percent.

The number of unemployed rose by 60 thousand from the prior month to 2.866 milion in June of 2018. Meantime, employment dropped by 49 thousand to 23.320 million and those detached from the labour force declined by 27 thousand to 13.103 million.

Youth unemployment rate, measuring job-seekers between 15 and 24 years old, went up to 32.6 percent from an upwardly revised 32.2 percent in May.

Among genders, the jobless rate was higher for women (12.1 percent from 11.9 percent in May) than for men (10.1 percent from 9.9 percent).

The country's overall employment rate, one of the lowest in the Euro Area, fell to 58.7 percent in June from 58.8 percent in May. The labour force participation rate rose to 66.1 percent from 66.0 in the previous month.




Tuesday July 17 2018
Italy June Inflation Rate Revised Down to 1.3%
Istat | Stefanie Moya | stefanie.moya@tradingeconomics.com

The annual inflation rate in Italy increased to 1.3 percent in June of 2018 from 1.0 percent in the previous month, lower than a preliminary estimate of a 1.4 percent gain and below market expectations of 1.4 percent. It was the highest inflation rate since May of 2017, boosted by non-regulated energy; unprocessed food and services related to transport.

Year-on-year, prices rose faster for unprocessed food (3.4 percent compared to 2.4 percent in May) while inflation was steady for processed food (1.7 percent, the same as in May). Additionally, cost advanced further for energy (4.2 percent compared to 2.1 percent), driven by non-regulated energy products (9.4 percent compared to 5.3 percent) and services related to transport (2.9 percent compared to 1.7 percent). Also, prices continued to increase for recreation and culture (0.9 percent compared to 0.6 percent); alcoholic beverages and tobacco (3.5 percent compared to 3.4 percent) and health (0.5 percent compared to 0.4 percent) while prices of housing and utilities were flat after declining 0.1 percent in May. In contrast, cost eased for restaurants and hotels (0.9 percent compared to 1.4 percent); clothing and footwear (0.1 percent compared to 0.2 percent) and furniture and household equipment (0.2 percent compared to 0.3 percent).

Annual core inflation rate, which excludes energy and unprocessed food went up 0.8 percent, unchanged from the prior month. Excluding only energy, inflation increased 1.1 percent from 0.9 percent in May.

On a monthly basis, consumer prices rose 0.2 percent, slowing from a 0.3 percent gain in previous month, below than a preliminary estimate of 0.3 percent and lower than market forecasts of 0.3 percent.

The harmonised index of consumer prices edged up by 1.4 percent from the prior year (vs 1.0 percent in May); and by 0.2 percent from the previous month (vs 0.3 percent in May).


Monday July 16 2018
Italy Trade Surplus Narrows Less than Expected
Istat | Joana Ferreira | joana.ferreira@tradingeconomics.com

Italy's trade surplus narrowed to EUR 3.38 billion in May 2018 from EUR 4.34 billion in the same month of the previous year, still above market expectations of a EUR 3.25 billion surplus.

Imports increased 1.7 percent year-on-year to EUR 37.19 billion in May from EUR 36.57 billion, led by gains in purchases of: metals (8.3 percent); chemicals (9.4 percent); crude oil (11.8 percent); machinery (5.3 percent); pharmaceuticals (5.4 percent); and natural gas (10.1 percent). Meanwhile, imports of other transport means and electronics fell by 19.4 percent and 6.6 percent, respectively.

The rise in imports mainly reflected the increase in purchases from OPEC (28.6 percent), Germany (3.8 percent), Belgium (12.2 percent), Spain (5.3 percent) and Russia (7.4 percent). By contrast, imports fell from Japan (-50 percent), France (-6.1 percent) and China (-5.7 percent).

Exports dropped 0.8 percent to EUR 40.57 billion in May from EUR 40.91 billion a year earlier, mainly due to lower sales of: vehicles (-10 percent); machinery (-3 percent); other manufactured goods (-7.8 percent); chemicals (-4.2 percent); and other transport means (-2 percent). By contrast, exports of coke and refined petroleum products increased 14.1 percent and those of clothing rose 5.1 percent.

Exports fell mostly to OPEC (-16.6 percent), Turkey (-11.3 percent), Belgium (-6.8 percent), Russia (-10.7 percent) and China (-5.7 percent). Meanwhile, sales rose to Switzerland (6.2 percent), Spain (2.9 percent) and Czech Republic (7.6 percent).

With European Union countries, the trade surplus narrowed to EUR 1.015 billion from EUR 1.693 billion in May last year. 


Monday July 02 2018
Italy Jobless Rate Lowest Since 2012
Istat | Agna Gabriel | agna.gabriel@tradingeconomics.com

The seasonally adjusted unemployment rate in Italy decreased to 10.7 percent in May of 2018 from a downwardly revised 11 percent in the previous month and well below market expectations of 11.1 percent. It was the lowest jobless rate since August of 2012.

The number of unemployed fell by 84 thousand from the previous month to 2.793 million in May of 2018. Meantime, employment rose by 114 thousand to 23.382 million and those detached from the labour force decreased by 13 thousand to 13.125 million.

Youth unemployment rate, measuring job-seekers between 15 and 24 years old, went down to 31.9 percent from a downwardly revised 32.8 percent in April. It was the lowest level since January of 2012.

Among genders, the jobless rate was lower for men (9.8 percent from 10 percent in April) than for women (11.9 percent from 12.3 percent).

The country's overall employment rate, one of the lowest in the Euro Area, increased to 58.8 percent in May from an upwardly revised 58.6 percent in April and hitting its highest level in ten years. The labour force participation rate remained unchanged from the previous month at 66 percent.



Thursday June 28 2018
Italy Inflation Rate at Over 1-Year High
Istat | Agna Gabriel | agna.gabriel@tradingeconomics.com

Inflation rate in Italy is expected to increase to 1.4 percent in June of 2018 from 1 percent in the previous month, beating market expectations of 1.3 percent. It was the highest inflation rate since May of 2017, mainly due to rising prices of both processed and unprocessed food, non-regulated energy products and services related to transport.

Prices of food are set to rise 2.8 percent in June, following a 1.9 percent gain in May, boosted by higher prices of both processed food (2.4 percent from 1.7 percent) and unprocessed food (3.4 percent from 2.4 percent). Additionally, energy inflation is expected to pick up to 4.2 percent in June from 2.1 percent in May, due to an increase in non-regulated energy products prices (9.4 percent from 5.3 percent). Also, cost of services related to transport should went up to 2.9 percent from 1.7 percent. Additional upward pressure come from: miscellaneous goods and services (2.4 percent from 2.3 percent); recreation and culture (0.9 percent from 0.4 percent); furniture and household equipment (0.3 percent from 0.2 percent) and alcoholic beverages and tobacco (3.8 percent from 3.5 percent). Meanwhile, prices were flat for housing and utilities, after a 0.1 percent fall in the previous month.

Annual core inflation rate, which excludes energy and unprocessed food rose to 0.9 percent from 0.8 percent in the prior month. Excluding only energy, the inflation should increase to 1.2 percent from 0.9 percent in May, according to the preliminary estimate.

On a monthly basis, consumer prices went up 0.3 percent, the same as in May and above market forecasts of 0.2 percent.

The harmonised index of consumer prices is expected to rise by 1.5 percent from the previous year (1 percent in May); and by 0.3 percent from the previous month (the same as in May).


Monday June 18 2018
Italy Trade Surplus Narrows 18.5% YoY in April
Istat | Agna Gabriel | agna.gabriel@tradingeconomics.com

The trade surplus in Italy narrowed sharply to EUR 2.94 billion in April of 2018 from EUR 3.60 billion a year earlier. Figures compare with market expectations of EUR 3.21 billion. Exports rebounded from a fall in March but imports rose the most in six months.

Exports went up 6.6 percent year-on-year to EUR 36.3 billion, mainly boosted by higher sales of machines and equipment (+7.1 percent); base metals and metal products, excluding machines and plants (+11.3 percent); electrical appliances (+12.3 percent) and food, beverages and tobacco (+7.4 percent).

Exports increased to both EU countries (+8 percent) and non-EU countries (+4.8 percent), namely to Germany (12.1 percent); France (9.2 percent); the US (6 percent); Switzerland (11.2 percent and the UK (7 percent). Exports declined to OPEC countries (-6 percent) and Belgium (-2 percent).

Imports surged 9.6 percent year-on-year to EUR 33.3 billion, mainly due to higher purchases of intermediate goods (12.3 percent); consumer goods (4.3 percent); capital goods (7.6 percent) and energy (18.5 percent). Imports rose from non-EU (+11.4 percent) and EU countries (8.3 percent), namely from Germany (16.1 percent), France (15.4 percent) and OPEC countries (29.1 percent). In contrast, purchases fell from the US (-3.3 percent) and Switzerland (-11 percent).

Considering the first four months of the year, sales rose 4.1 percent and imports 4.2 percent. The trade surplus reached EUR 10.47 billion.