(Teleborsa) – The world economy slows down after the boom taken at end of the period of restrictions due to the coronavirus, while prices continue to run, mainly affected by the slowdown in the industrial sector. This is confirmed by the Istat monthly note, indicating a growth of Italian GDP in the 2nd quarter of 2.7%, more pronounced than that recorded by France and Germany. The change acquired for 2021 is + 4.7%.
The Institute indicates that in July it is the recovery phase of industrial production continued. The index measured net of construction was at pre-crisis levels, marking a further economic upturn (+ 0.8%).
The recovery of production rhythms was accompanied by improvements on the labor marketor. In the second quarter, both hours worked and units of work marked a larger increase than that of GDP (respectively + 3.9% and + 3.2%), especially in the services sector (respectively + 4.4% and + 3.4%). The data for July indicate a level of employees higher than that of February 2020, although the total number of employees is still lower by 265 thousand units. The perspectives for the demand for work by businesses they maintain a positive orientation: the opinions of businesses show positive balances for all economic sectors, even if they are down compared to July in construction and services.
The climate of confidencea, in August, recorded a slight deterioration for both households and businesses; for the latter, the limited decline appears to be attributable to one partial correction compared to the particularly high levels achieved in the previous months.
As for the prices, the harmonized index of consumer prices HICP grew in August by 2.6% in trend terms. Core inflation as measured by the NIC remained stable overall (+ 0.6%). After eight months of raising, the inflation acquired for 2021 is equal to + 1.8%. From the inflation expectations of economic operators in August – states Istat – indications of new price increases emerged for the next few months. The percentage of consumers expecting a sharp rise in prices has risen, while firms are expected to increase prices in the construction sector and for goods in the manufacturing sector destined for consumption.