In 2015, the Italian economy returned to growth. After three consecutive declines, GDP increased in real terms by 0,8%, thanks to the recovery of the manufacturing sector, driven by the acceleration of activity in the means of transport sector. In services, added value increased by 0,4%, while in construction it fell further, accumulating a delay compared to 2007 by more than 30 percentage points.
Last year, the Italian economy benefited from the recovery in domestic demand: for the first time in the last four years, the contribution net of inventories returned positive. Household consumption increased in real terms by almost 1%, thanks to a moderate recovery in wages. Investments have also returned to growth, after seven consecutive declines. In 2015, the contribution of net foreign demand turned negative, after having supported growth in the previous four years, as a result of the strong acceleration of imports. Exports also grew, approaching 500 billion euros in value, with the weight on GDP exceeding 30% for the first time.
For a complete picture, it is useful to cross-reference economic data with demographic data. In 2015, the Italian population decreased by 0,2%. Since 1960, it had happened only once, in 1986, in a general situation radically different from the current one. The decline in the population is also accompanied by a significant ageing: at the beginning of 2016, the over-22s came to represent 14% of the total, while the weight of those under the age of fifteen fell below 27%. The increase in GDP associated with the decline in the population has led to a positive increase in per capita GDP, which is once again close to XNUMX euros.
In international comparison, the situation shows some critical points. The Italian data remains much lower than the German one, but higher than the Spanish one. However, the dynamics of recent years signal a worsening: the delay from Germany has widened, exceeding 10 thousand euros, while the advantage over Spain has decreased, falling below 4 thousand euros.
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