Jack Allen-Reynolds, senior European economist at Capital Economics, thinks the economy will shrink by 1% in the first three months of the year and … In 2019, total production of goods and services was approximately the same as it was 15 years earlier. 6.72 % Invest Now. The economic impact of Italian developments is also a cause of concern as the nation appears set to join other ailing economies, like Spain and Portugal, leading to … But as the sun begins to cool, so do hopes of a full recovery for Italy's decimated 2020 tourism season. FocusEconomics … A huge 13 percent of Italy's GDP comes from tourism. Please try different keywords. 5Y Return. Read the answers to those questions and more here. Italy ends travel restrictions almost three months after lockdown measures began. Cristiano Barberi's clothing store for children in Rome was among the few shops allowed to reopen. Winter is coming, and with it what is expected to be a full-blown economic catastrophe. 0.4% in the wider EU, Eurostat said. “Demographics tell us that it will be them who pay for the pensions of elderly Italians.” Foreigners living legally in Italy make up 8.7 percent of the population. Latest News on Italian economy, Read more information on Italian economy Victims' relatives say the authorities fatally delayed a lockdown in northern Italy. GDP growth is projected to slow slightly in 2018. Giuseppe Conte tells the BBC EU leaders need to rise to the challenge of the pandemic. Stay on top of Italy latest developments on the ground with Al Jazeera’s fact-based news, exclusive video footage, photos and updated maps. Italy's Prime Minister, Giuseppe Conte, has been in Brussels lobbying the incoming President of the European Commission, Ursula von der Leyen. The European Commission said last week that the government’s flagship measures — an early retirement scheme and a citizens’ income (a monthly allowance for certain jobseekers) — failed to trigger the growth the League-5Stars coalition had envisaged. The economy there expanded by 0.5% in the last quarter of 2019. “The real economy in the country is so strong,” said Carlo Messina, chief executive officer of Intesa Sanpaolo, Italy’s second-largest bank by assets. The country's deputy economy minister tells an Italian radio station that mortgage payments will be halted. "It may be perceived that these problems might be short-lived," she says. Read the latest Italian Economy headlines, on NewsNow: the one-stop shop for Italian Economy news What will happen to Amazon now? CEO Secret: How family-owned coffee firm Lavazza brought in new blood in its bid to go global. All rights reserved. Eurozone economy . Italy's Economy Minister Signals He Is Ready to Back ESM Reform More FILE PHOTO: Italian Economy Minister Roberto Gualtieri speaks at a meeting in Berlin, Germany, September 11, 2020. Company News. Growth numbers from Europe have suprised this morning. ROME — Italy’s economy is sick and the governing coalition can’t agree on the cure — among themselves or with Brussels. The Italian government continues to expect a single-digit decline in gross domestic product this year, Deputy Finance Minister Antonio Misiani said in an interview with Corriere della Sera. He said beforehand that he wanted the EU's backing for "extraordinary measures" to boost growth in Italy's poorer south. Siemens 1,506.15 141.9. At the beginning of 2018, Italy was the third-largest economy in the currency bloc. ''It is a top sector for the Italian economy, and one that we want valorise even more. FEATURED FUNDS ★★★★ ★ Nippon India Liquid Fund Direct-Growth. The budget is expected to keep Italy's deficit next year to 7% of economic output, up from a 5.7% forecast in April, reflecting the additional spending. Read about our approach to external linking. That was more than the 0.2% consensus estimate and comes after industrial production fell by 0.4% in the eurozone in April, and by 0.6% in the EU. Add to myFT Digest. To fulfill this aim, the journal welcomes applied, institutional and theoretical papers on relevant and timely issues concerning the European and Italian economic debate. Nifty 12,921.50 63.1. 5Y Return. Italy’s economy minister signals he is ready to back ESM reform in World Economy News 01/12/2020 Italian Economy Minister Roberto Gualtieri signaled that he was ready to back a … ROME (Reuters) – Italian Economy Minister Roberto Gualtieri signaled on Monday that he was ready to back a delayed reform … Italy’s foreign minister said on Dec. 10 that Turkey has great opportunities for economic cooperation in infrastructure, adding that he hopes for more cooperation in railways and other areas in the coming months. News, analysis and comment from the Financial Times, the worldʼs leading global business publication Italy economy will not be back to pre-COVID level in 2022-EC GDP to fall 9.9% in 2020, rebound by 4.1% in 2021 - Commission By any measure, the Italian economy is in a bad way. Subscribe ... Italian economy. Even though appliance and electronics stores were allowed to stay open during the lockdown, durable goods purchases dropped by 21.4%. Coronavirus is causing enormous upheaval in Italy’s economy, the European Union’s third largest. launching a blistering attack on coalition partner Matteo Salvini. Italian government-bond yields climbed after eurozone finance ministers decided against sharing coronavirus-related debt burdens among the currency bloc’s members. But an economic shadow hangs over the chaos and that's a worry for the eurozone. Marchel Alexandrovich. Its economy is the 8th largest in the world when measured by gross domestic product (GDP). She says: "It is one of the most indebted countries in the world so when you think about the problems that Italy faces, ongoing political instability has created significant issues. Numbers from Italy proved the most dour from Europe so far where the economy shrunk by 0.3% for the three months ending in 2019. By Reuters Staff. November 30, 2020. Italian financial police on Wednesday issued arrest warrants against six current and former managers of Italy’s main private highway operator as part of … Fatalities and infections increase amid nationwide prison riots over measures to control the outbreak. And also about Investment activity should be supported by increased EU funding and an accommodative fiscal policy stance, while the reopening of the global economy should fuel foreign demand. Information about Italy. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%. The country's transport industry has been one of the worst-hit sectors. On Wednesday, Italy's Prime Minister Giuseppe Conte (pictured) resigned - but not before launching a blistering attack on coalition partner Matteo Salvini. Industrial production, it added, plunged by 20.2%. Demoskopika institute chief Raffaele Rio has reported Italy did not see the high number of tourists it had been hoping for in August. He also wanted more time to cut his country's debt and meet EU fiscal targets, as well as more leeway on accepting migrants. Could Italy's health crisis be the factor that tips the country into another recession? Italy will be Europe's canary in the coalmine for the post-Covid economy This article is more than 7 months old. Italy's businesses association Conferscenti has revealed 3,000 businesses have closed in Rome due to the lockdown. Add to myFT Digest Thursday, 3 December, 2020. Further waves of Covid-19 infections and a high public debt cloud the outlook, however. Turkey, Italy explore greater economic cooperation ROME- Anadolu Agency. IMF upgrades 2020 forecast for global economy, Eurozone suffers deepest contraction on record, Italy prosecutors quiz PM Conte on coronavirus, Italy's 'time to smile’ as travel allowed again, 'It would be better to die': Italy's lockdown cost, Video caption: Coronavirus: Naples feels the cost of Italy's lockdown, Coronavirus: Naples feels the cost of Italy's lockdown, Italy to suspend mortgage payments amid outbreak, Coronavirus deaths jump in Italy's 'darkest hour', Italy vows more funds to offset coronavirus impact, Coronavirus: Italian economy takes a body blow. The European Commission recommends that legal action be launched against Italy over its growing debt. © Copyright 1997 - 2020 NewsNow Publishing Limited. Until Italy finds one, the tourism crisis risks bringing down the country’s economy. FEATURED FUNDS ★★★★ ★ Aditya Birla Sun … Italy is among the countries hardest hit by the coronavirus, with over 25,500 recorded deaths. The latest breaking news, comment and features from The Independent. Italy has put several towns in Lombardy and Veneto into lockdown because of the coronavirus outbreak. Italy's economy was heavily impacted by the global financial crisis and only emerged from recession in 2015, however in 2018 the country’s GDP was still 4% lower than the 2007 level. European growth stumbles for some EU countries, 'No concrete results' from Italy's EU lobbying. More than four-fifths of Italy’s energy requirements are imported. Italy GDP Growth Performance In the 10 years before the financial crisis, Italy’s economy grew on average 1.3%. Italy Oct industry output rebounds slightly more than expected after Sept drop . ROME: A study by the Leone Moressa Foundation, comparing the taxes paid by the 5.26 million migrants in Italy, has claimed immigrants provide a net benefit to the economy … Add this topic to your myFT Digest for news straight to your inbox. Spain, France and Italy suffer double-digit falls in economic output as the pandemic hits jobs and spending. However, Spain unlike its EU peers offered sunny news. Video caption: Lavazza boss: bringing new blood into the family firm. Select the subjects you want to know more about on euronews.com But as the sun begins to cool, so do hopes of a full recovery for Italy's decimated 2020 tourism season. Numbers from Italy proved the most dour from Europe so far where the economy shrunk by 0.3% for the three months ending in 2019. migration and economics. Did he get anywhere? Plus, those with flu-like symptoms coming back from areas of Italy north of Pisa should stay at home for 14 days. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. 16.28 % Invest Now. As Italy eases its restrictions, the damage caused by lockdown is being felt across Naples. Latest breaking news and economic reports on Italy, including politics and cultural events. Bill O'Reilly / NBC News. Giorgio Ghiglione is a freelance writer in Milan. Italy and Germany are now seeing numbers starting to pick up dramatically, and have around 449,000 and 398,000 confirmed infections, respectively. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. about the new political situation in Italy. Support us. What if coronavirus means you have to self-isolate? However, Spain unlike its EU peers offered sunny news. How China, Italy, the UK, and US Can Drive G20 Fossil... 'The veto of Poland and Hungary will be overcome':... 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