Current Account in Italy
Italy - Current AccountRevised national accounts confirmed the economy collapsed in the first quarter, hammered by the coronavirus outbreak and its associated lockdown measures, and it appears that the economy is contracting even more sharply in Q2. The manufacturing PMI slumped in April while business and consumer confidence dived in May, prompted by the extension of containment measures. In response, on 13 May, the government approved a EUR 55 billion stimulus plan to shore up the economy. The package, which comes on the heels of the EUR 25 billion stimulus passed in March, includes grants and tax breaks for firms; financial support to SMEs; income support for employees and the self-employed; and additional funding for temporary layoff schemes. The plan, coupled with slumping tax revenue, will inevitably translate into a widening budget deficit, exacerbating the country’s already-frail fiscal position and heightening risks of financial distress.
Italy - Current Account Data
|Current Account (% of GDP)||1.4||2.6||2.6||2.5||2.9|
5 years of economic forecasts for more than 30 economic indicators.
Italy Current Account Chart
Source: Bank of Italy.
|Bond Yield||1.31||-0.40 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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July 10, 2020
Industrial output rebounded and skyrocketed 42.1% in May on a month-on-month, seasonally-adjusted basis.
July 1, 2020
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 45.4 in May to 47.5 in June, amid further easing of containment measures.
June 30, 2020
Consumer prices inched up 0.1% month-on-month in June, contrasting May’s 0.2% dip, according to preliminary data released by the National Statistical Institute (ISTAT).
June 26, 2020
The National Institute of Statistics (Istat)’s composite business confidence indicator (Clima di Fiducia delle Imprese Italiane, IESE)—which covers the manufacturing, construction, market services and retail sectors—pulled up from an all-time low of 52.7 in May to 65.4 in June. June’s rise came on the back of a broad-based improvement across sectors.
June 26, 2020
The consumer confidence index released by the National Institute of Statistics (ISTAT) rose from an over six-year low of 94.3 in May to 100.6 in June. June’s rise came on the back of a broad-based improvement in the economic, personal, current and future components.