Despite some minor improvements, recent data suggest that the slowdown in global GDP growth is not yet over. Ongoing geopolitical uncertainties and trade tensions continue to put a drag on external demand. Risks remain tilted to the downside.
In the third quarter, the Italian seasonally and calendar adjusted, chained volume measure of Gross Domestic Product (GDP) increased by 0.1% with respect to the previous quarter.
In the third quarter, domestic household consumption increased with respect to the previous quarter. The positive evolution of consumption and incomes was accompanied by the still positive signals coming from the labour market.
According to preliminary estimates, in November the Italian consumer price index for the whole nation (NIC) was stable on monthly basis and increased by 0.4% with respect to November 2018. In the same period core inflation increased by 1.0%.
In November, the consumer confidence index worsened. On the contrary, business confidence climate improved slightly although the confidence index in manufacturing weakened. The leading indicator continues to suggest that the economic activity will remain subdued in the coming months.