Note on Italian economy - September-October 2024

The international economy shows stable growth but high uncertainty and downside risks remain, mainly linked to geo-economic tensions.

In the third quarter, Italy’s GDP level, according to the preliminary estimate, remained unchanged compared to the previous three months, showing a worse result than its main European partners and the euro area average.

On the supply side, in September, manufacturing output decreased by 0.4% in a month-on-month comparison, following a flat change in August.

In the first eight months of 2024, exports in value recorded a 0.6% decrease in year-on-year terms, affected mostly by the weak performance of Italian product sales to EU markets.

In September, after three months of continuous growth, employment decreased, with a widespread decline among men and women, and those aged 35-49.

In Italy, the Harmonized Index of Consumer Prices (HICP) continued to grow more slowly than the euro area average and its major economies.

In October, household confidence worsened, with a decline in opinions about the general economic situation and future prospects. Business sentiment also declined, particularly in manufacturing and market services.