ITALY

摘要

The final release of Q2 GDP figures pointed to a 2.6% (y-o-y) contraction, a 0.1% downgrade on the first estimate. Household consumption fell by 1 % (y-o-y) while investment plummeted by a massive 9.5%. An 8.2% (y-o-y) decline in Q2 imports conveyed flailing domestic demand, although this has helped to counter some of the subtraction from exports. Austerity measures, including slashed government spending and the introduction of a property tax, have indirectly helped to reduce the current account shortfall: the Q2 deficit totalled €1.6bn, compared with €13bn in Q1.