Monthly report on Italian economy no

International outlook is deteriorating amid increasing uncertainty and high inflation related to geopolitical tensions.

In the second quarter, Italian GDP increased driven by domestic demand while net foreign demand gave a negative contribution.

The number of both employed and unemployed persons decreased in July, while a growth was recorded for inactive people. The unemployment rate declined to 7.9%.

According to preliminary estimates, in August the rate of change of the Italian consumer price index for the whole nation (NIC) was 8.4% on annual basis (from +7.9% in July).

The outlook for next months returns evidences for deceleration of economic activity. In July, the seasonally adjusted industrial production index increased by 0.4% compared with the previous month while in August the business climate survey showed expectations deterioration driven by manufacturing and construction firms.