Italy’s economy performed surprisingly poorly in the second quarter, data showed on Monday, offering an uncomfortable outlook for Prime Minister Giorgia Meloni as her government tries to tackle the negative impact of high inflation. | Reuters
In a report for Capital Economics, Franziska Palmas wrote Italy was no longer outperforming its peers, estimating the country would experience a “sharper drop in output than other euro zone majors in the second half of 2023.”
ISTAT gave no numerical sector breakdown of its preliminary second-quarter GDP estimate, but said industry and agriculture output decreased whereas services grew marginally. In recent weeks, the government has said the economy could grow by at least 1.2 percent this year, arguing that a positive trend in the service sector supported by booming tourism would be enough to offset a widely expected slowdown in manufacturing activities.
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