Istat, GDP grows to + 4.7%. Industrial production falls but remains above pre-Covid levels
Good news. While it was down 0.2% in August compared to July, the industrial production shows an increase of 1.5% over the period pre Covid-19 that is, compared to February 2020, the month before the start ofsanitary emergency. To reveal it, the data Istat.
In the average of the quarter June-August the level of production it grew by 1.1% compared to the previous three months. Compared to August, the production is unchanged. L’Istat explains that the monthly seasonally adjusted index grows on a cyclical basis for i capital goods (+ 0.8%), while it decreases for thepower (2.1%), i consumer goods (-2.0%) and i intermediate goods (-1.3%).
Net of calendar effects, in August 2021 the production was unchanged compared to the previous year (the calendar working days were 22 against 21 in August 2020). They grow to an accentuated extent i intermediate goods (+ 4.9%) and capital goods (+ 4.4%); on the other hand, i consumer goods (-5.4%) and, to a greater extent, thepower (-6.6%).
The sectors of economic activity that record the greatest trend increases are the metallurgy and the manufacture of metal products (+ 16.6%), la machinery manufacturing (+ 10.3%) and the manufacture of electrical equipment (+ 6.3%). Conversely, the most marked downturns are observed in the manufacturing of means of transport (-23.7%), in the production of basic pharmaceutical products and preparations (-20.9%) and in the mining activities (-17.7%).
World economic growth has exceeded the values prior to the health crisis and, in many countries, inflation is accelerating driven by the significant increase in the price lists of energy products. The annual national accounts audit confirmed that, based on data from the first two quarters, theacquired increase in GDP Italian for 2021 is equal to 4.7%.
The recovery in production and consumption rates continues to be associated with a general improvement in labor market conditions even if, since July, contained reductions in the number of employees and the first signs in the manufacture of a possible mismatch between supply and demand. In September, the gap with theeuro area inflation. The harmonized index of consumer prices grew by 3.0% in trend terms, an acceleration compared to the previous month.
Furthermore, in the presence of a further improvement of the family trust, which has reached its highest value since the beginning of the time series, the business confidence shows marked progress in market services and in particular in tourism.