Stagnation confirmed. In the second quarter of 2016, the Italian GDP remained unchanged compared to the January-March period. Istat communicated it, confirming the estimate of 12 August.
Yet, the Ministry of the Economy had leaked two days ago that there would be an upward economic revision based on the latest data on the turnover of services. However, they explain to Istat that other components, especially credit and insurance, have moved in the opposite direction.
On a trend basis, however, the GDP increased by 0,8% instead of 0,7% as previously estimated. The variation acquired for 2016 rises to +0,7% (from the previous +0,6%). On Wednesday Palazzo Chigi estimated growth of 2016% for 1.
STILL CONSUMPTION, DECLINE INVESTMENTS
The Istat snapshot of GDP in the months April-June indicates, as regards domestic demand, national consumption stationary in economic terms (summarizing a 0,1% increase in household consumption and a 0,3% drop in of the PA), and gross fixed investments down by 0,3%.
National demand net of inventories - ISTAT points out - subtracted 0,1 percentage points from the change in GDP: there are zero contributions for household consumption and private social institutions and for gross fixed investments and a negative contribution (-0,1 percentage points) for public administration expenditure.
The change in inventories contributed negatively by 0,1 percentage points, while the contribution of net foreign demand was positive by 0,2 percentage points. Imports increased by 1,5% and exports by 1,9%.
