Istat anticipates a 2014 exit from recession, but cut 2015 Gdp – Reuters

ROME (Reuters) – Disseminating the new series of national accounts, the Istat anticipates the exit from the recession of a year, to 2014, but reduced by 0.1 percentage points to the Gdp of 2015.

The average variation for the year 2014, when it first took office, the government of Matteo Renzi, is now indicated at +0,1 from the previous -0,3%, while the increase of the product in 2015 drops to +0,7 +0,8% shown in a preliminary in march.

The ministry of Economy tends to give a positive reading of the data, which would show the effect positive and increasing in the time of the reforms.

The premier Matteo Renzi is even more marked and, in an interview with the Washington Post, attributed to his government the credit for having “changed direction” to the Italian economy.

The question of whether the new estimate of the growth of the executive should be +1% the president of the Council replied: “the One percent growth. They are not happy but last year was 0.8 [0.7, and with the new series]“.

According to Fedele De Novellis, senior economist of the Ref, “the growth is all in 2014, also thanks to a contribution of stock that was not there before, while the slight downward revision of 2015 is related more to a question of rounding”.

The economist, however, gets “a positive indication for the robustness of growth” from the two-year period 2014-2015 taken as a single period for investments there is a revision of +0.8%, for the consumption of the families of +0,4%.

Istat does not clarify whether and what kind of effects it can have on the revision of the series of Gdp this year.

what is certain is that on Monday 26 September the government will review the worse macroeconomic data and public finance targets, by posting the update Note of the Def, the economic and financial Document. read more…