60765
ISTAT highlighted a modest pick-up in the manufacturing sector.
ISTAT highlighted a modest pick-up in the manufacturing sector.

Italy Showing Signs of Improvement

Italy Showing Signs of Improvement

It has been confirmed that Italy’s economy grew by just 0.2% in the fourth quarter of last year from the previous three month period.
That means for all of 2016 it expanded by 1% year-on-year which was slightly worse than the 1.1% initially calculated last month by the country’s national statistics institute ISTAT, Euronews reported.
The figure is reassuring for the government of Prime Minister Paolo Gentiloni, who is forecasting 1% economic growth in 2017.
Italy is the eurozone’s third largest economy and the region’s most chronically sluggish due to years of recession, high unemployment and towering debt.
ISTAT said Italy’s GDP for 2016 was still 7% lower than at the start of the economic crisis in 2008 despite two years of recovery.
Early in February, in its monthly economic bulletin, ISTAT said Italy’s economy showed signs of improving in the coming months. The agency highlighted a modest pick-up in the manufacturing sector. “A recovery in the manufacturing sector is strengthening, suggesting improvement in families’ purchasing power and an increase in investments,” ISTAT said at the time.
That sentiment was echoed in an economic report by the Organization for Economic Cooperation and Development.
Also on Friday a newly released survey results showed that Italy’s service sector grew at its fastest rate for more than a year in February.
Meanwhile, the Italian retail sector has seen a €7.7 billion ($8.18 billion) drop in total sales in the period 2010-2016, according to a report by the Italian Confederation of Trade, Tourism, and Service Companies based on Istat data.
Traditional (small) retailers have been hit the hardest, with sales down by €6.9 billion over six years (-9.5%), while large retailers have performed slightly better, limiting the drop in turnover to €0.8 billion (-1.2%).
Sales of food and beverages were the only items of expenditure to see growth (+0.1%). In the food retail segment, small retailers have seen revenues tumble by €2.4 billion in the reference period (-11.0%), contrary to large retailers who increased turnover by €2.3 billion (+2.7%).
On the other hand, in the non-food retail segment, both small retailers (sales down by €4.5 billion or -9.3%) and large retailers (sales down by €3.1 billion or -6.5%) have registered a large drop.
However, upon closer examination of the data, it is clear that only the discount channel increased sales, while the other food retailers mainly recorded a negative result, indicating a clear shift of consumers towards savings.

 

Short URL : https://goo.gl/DZTJod
  1. https://goo.gl/v6UfDC
  • https://goo.gl/6xYRho
  • https://goo.gl/Muxq3s
  • https://goo.gl/wb1LQd
  • https://goo.gl/JKK5Nl

You can also read ...

India Launches 888 Anti-Dumping Probes
The Indian government has initiated as many as 214 anti-...
Fitch Retains Philippine  Debt Rating
Global debt watcher Fitch Ratings kept the Philippines’...
Federal Reserve Board Chairman Jerome Powell speaks during a hearing before the Senate Banking, Housing and Urban Affairs Committee.
US Federal Reserve Chairman Jerome Powell said protectionism...
Shifting transactions from cash to digital payments holds great promise for  individuals, businesses and governments.
More than 23% of the world's economy operates out of sight of...
UN to Help Rebuild Gaza Economy, Create Jobs
Against the backdrop of rapidly rising tension, violence,...
Lloyds Loses Mortgage Market Share
Lloyds lost market share in UK mortgages last year as Royal...
EU to Fine Google $5 Billion
Google will be fined about €4.3 billion ($5 billion) by the...
ECB Research Says Stimulus Didn’t Favor the Rich
New research published by the European Central Bank pushes...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus