In the past months the international framework has been characterised by a strong recovery of production and trade. The recent increase of contagions in many countries, however, might worsen the global outlook at least in the short term.
In the third quarter, the Gross Domestic Product in Italy, analogously to those of its main European partners, recovered strongly.
In August, Italian exports continued to grow towards both EU countries and non EU countries. The export value however remained below its pre-Covid level.
In the labour market, the recovery of production dynamics was accompanied by a progressive increase of hours worked.
In October, Italian inflation remained negative despite the increase in the most volatile components of the index.
The recovery, which had started in May, is reflected in the high frequency indicators some of which approached their pre-Covid levels. The outlook is uncertain and in October the surveys provided mixed signals. The consumer confidence worsened while the business one continued to improve.