MILAN – Istat confirmed the reversal of the sign in front of the trend of the Italian economy, which was hit by the biggest crisis of the modern era. In the first quarter of 2015, the Gross Domestic Product (GDP), adjusted for calendar effects and seasonally adjusted, increased 0.3% from the previous quarter. Istat has therefore confirmed the preliminary estimate released on 13 May, but has revised upward than the annual figure which compares with the first quarter of 2014: GDP growth was 0.1% compared to the same popular with the estimate. This is the first increase after 13 quarters with a minus sign. Were four years that the product did not register growth as that seen in the first three months of the year: in January-March of 2011, in fact, the increase was 0.4%, while in the second quarter was settled at 0.2%.
“We are no longer the sick man of Europe. And if we go full we can return to driving the economy of the old continent,” said the premier Matteo Renzi in its enews. “The data of growth, finally positive after eleven quarters, we are told, however, that this should be encouraged restart, accompanied, supported,” he stresses. Even Finance Minister, Pier Carlo Padoan , recorded as “encouraging” data Istat and claimed the policies of the executive saying that Italy, during the work of the G7 in Dresden, has been singled out as “a good example to follow” in particular for the reforms. Table International spoke of Jobs Act and the link with the policies of tax reduction of labor, “the government will confirm in the next law of stability,” he added in reference to de-contribution of up to about 8 thousand euro for new permanent contracts. “There is a recovery that we see,” he added, “this recovery in the euro area is linked to important factors but still temporary, an accommodative monetary policy that is not always the case, a gradual recovery in inflation and the level of the euro: the real challenge is to turn it into a robust growth, and this can not go through a recovery of private and public investment. “
The first quarter of 2015, he says the institute, had one working day less than the previous quarter and the same number of working days compared to the first quarter of 2014. The change gained for 2015 amounted to 0.2%.
The wait for Istat was also related the composition of the recovery Italian, about which there are signs discordant. The first, negative, was the continued weakness of domestic final consumption fell by 0.1%. On the other side of the scale, there are gross fixed investment growing by 1.5%. “The recovery in investment has been driven by the components of the means of transport and construction, grew respectively by 28.7% and 0.5%, while that of machinery, equipment and other products recorded a decrease of 0.9%” , specifies the Istat signaling such as transport represent a strong dynamic and therefore in some ways unusual.
The Istat explains that “domestic demand excluding inventories made a positive contribution to GDP growth to 0 , 2 percentage points (+0.3 points gross fixed capital formation, household consumption -0.1 and Private Social Institutions and a zero contribution of the expenditure of the Public Administration). The change in stocks has made a positive contribution of 0 , 5 percentage points. In contrast, the contribution of net exports was negative by 0.4 points. “
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