ITALY

摘要

A flash estimate of Q2 GDP showed that the economy grew by a modest 0.4% (q-o-q) - the same rate of growth as the previous quarter. This marked an 1.1 % expansion on a yearly basis. With no expenditure breakdown available-and in the apparent absence of a revival in domestic demand - the recovery was likely driven by an increase in demand from abroad for Italian manufactured goods, aided by the recent depreciation of the euro. In addition, industrial production rose a robust 1.0% (m-o-m) in May and a further 0.6% in June, taking the year-on-year rate to 8.1 %. Confidence in the sector appears to be firming as the PMI for manufacturing edged up to 54.4 in July.