![]() (Additional reporting by Alvise Armellini in Rome and Elvira Pollina in Milan Editing by Sharon Singleton and Alistair Bell) To help the poorest, the government hopes to announce this week a deal with supermarkets and producers to control prices of essential consumer goods in the final three months of the year. ISTAT also said annual inflation slowed to 6.4% in July from 6.7% in June, on a EU-harmonised consumer prices.Īnnual growth in prices of food, household and personal care stood at 10.4%, broadly in line with that of the month before and over 50% higher than the overall index. "Italy is an advanced industrial country and the weakness in industry is much more important than the tourism sector for the economy's health," said Lorenzo Codogno, head of LC Macro Advisors and former chief economist at Italy's Treasury. In recent weeks, the government has said the economy could grow by at least 1.2% 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. The 0.3% contraction left Italy with so-called "carryover" growth of 0.8% this year, assuming GDP would be flat in the remaining two quarters. ISTAT gave no numerical sector breakdown of its preliminary second-quarter GDP estimate, but said industry and agriculture output decreased whereas services grew marginally. The figures cast a shadow on the country's banking sector, where the top two lenders - Intesa Sanpaolo and UniCredit - last week posted much stronger than expected earnings helped also by low, or non existent in the latter's case, provisions against loan losses. "Italy is no longer outperforming its peers and we think it will experience a sharper drop in output than other euro zone majors in the second half of 2023," Franziska Palmas wrote in a report for Capital Economics. The gloomy data contrasts with the expectations of the government, which in April set a growth target of 1% for 2023 and estimated a moderate GDP increase in the second quarter. A Reuters analyst survey had pointed to a flat reading quarter-on-quarter and a 0.9% yearly rise. Gross domestic product (GDP) contracted by 0.3% on a quarterly basis between April and June and was up 0.6% year-on-year, national statistics bureau ISTAT said. 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. Improved and new localisations ( 36 languages in total).Reuters | Updated: 31-07-2023 21:20 IST | Created: 31-07-2023 21:20 IST ![]() ![]() Reorderable dropdown menus, with the ability to hide sections. Additional options, like dual line menu bar clocks, and condensed text for showing more in less space. Hotkeys to open and close menu dropdowns, for quick keyboard access. More colors and theme options, including light and dark vibrant menu dropdown backgrounds. Notifications, based on CPU, network, disk, battery, weather and other events. Refined menu bar items, dropdowns and other aspects match the new design of macOS 11 Big Sur. Weather with current temperature, hourly forecast, weekly overview and so much more. ![]()
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