Markets Actual Q4 Q1 Q2 Q3 2021
Currency 1.21 1.21 1.21 1.2 1.2 1.19
Stock Market (points) 22191.96 21411 20873 20350 19838 18815
Government Bond 10Y (%) 0.59 0.6 0.63 0.66 0.7 0.77
2 Year Note Yield (%) -0.47 0.04 0.09 0.14 0.2 0.32

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) 15.90 -2.8 0.9 2 1.4 1.2
GDP Annual Growth Rate (%) -5.00 -4 1 16.2 9.5 2.9
Unemployment Rate (%) 9.80 12.5 12.1 11.6 11.4 11.1
Inflation Rate (%) -0.20 -0.4 -0.1 0.6 0.8 1.1
Inflation Rate Mom (%) -0.10 0.5 -0.3 0.3 0.4 0.5
Interest Rate (%) 0.00 0 0 0 0 0
Balance of Trade (EUR Million) 5848.88 5400 4160 4200 3100 800
Current Account (EUR Million) 7642.00 2210 1900 2400 1980 1910
Current Account to GDP (%) 3.00 3.4 3.2 3.2 3.2 3.2
Government Debt to GDP (%) 134.80 157 152 152 152 152
Government Budget (% of GDP) -1.60 -10.6 -5.8 -5.8 -5.8 -5.8
Business Confidence (points) 90.20 82 85 84 86 89
Manufacturing PMI (points) 51.50 49 51 53 52.4 54
Services PMI (points) 39.40 44 50 52.9 52.5 52.9
Consumer Confidence (points) 98.10 99 99 100 102 105
Retail Sales MoM (%) 0.60 -0.8 1.1 0.9 -1 0.6
Corporate Tax Rate (%) 24.00 24 24 24 24 24
Personal Income Tax Rate (%) 43.00 43 43 43 43 43

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) 15.90 -2.8 0.9 2 1.4 1.2
GDP Annual Growth Rate (%) -5.00 -4 1 16.2 9.5 2.9
GDP (USD Billion) 2001.24 1800 1920 1920 1920 1920
GDP Constant Prices (EUR Million) 411641.60 413850 411421 411633 387899 425852
Gross Fixed Capital Formation (EUR Million) 61006.10 75633 73485 70889 66802 77827
GDP per capita (USD) 35613.80 33800 34600 34600 34600 34600
GDP per capita PPP (USD) 42412.70 39400 40600 40600 40600 40600
GDP From Agriculture (EUR Million) 7790.80 7922 8172 9053 8531 8151
GDP From Construction (EUR Million) 12168.40 16179 15962 14140 13324 16648
GDP From Manufacturing (EUR Million) 54929.60 72034 69317 63828 60148 74123
GDP From Services (EUR Million) 242676.50 275461 276210 281990 265731 283450

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 9.80 12.5 12.1 11.6 11.4 11.1
Employed Persons (Thousand ) 22953.45 20500 20800 21200 21500 21700
Unemployed Persons (Thousand ) 2439.38 3200 3100 3000 2940 2890
Employment Rate (%) 58.20 55.1 55.4 55.9 56.1 56.4
Labor Force Participation Rate (%) 64.50 60.2 60 60.4 60.6 60.9
Long Term Unemployment Rate (%) 5.00 7.9 7.5 7 6.8 6.5
Youth Unemployment Rate (%) 29.70 32.6 32.2 31.7 31.5 31.2
Labour Costs (points) 120.80 113 109 114 121 115
Wages (EUR/Month) 2502.00 2525 2452 2482 2507 2580
Wages in Manufacturing (points) 103.60 118 101 102 104 121
Wage Growth (%) 0.60 -2 -0.8 0.2 0.7 1
Population (Million) 60.36 60.26 60.15 60.15 60.15 60.15
Retirement Age Women 67.00 67 67.25 67.25 67.25 67.25
Retirement Age Men 67.00 67 67.25 67.25 67.25 67.25
Employment Change (%) -2.50 -0.6 0.3 0.4 0.3 0.5

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) -0.20 -0.4 -0.1 0.6 0.8 1.1
Inflation Rate Mom (%) -0.10 0.5 -0.3 0.3 0.4 0.5
Harmonised Consumer Prices (points) 103.30 107 107 107 107 109
Consumer Price Index CPI (points) 102.40 102 103 104 103 104
Core Consumer Prices (points) 102.60 104 102 103 104 105
Core Inflation Rate (%) 0.50 0.2 0.4 0.7 1 1.2
GDP Deflator (points) 105.33 104 104 106 106 105
Producer Prices (points) 100.70 110 101 99.59 101 112
Producer Prices Change (%) -2.50 -1.2 0.2 0.6 0.9 1.2
Food Inflation (%) 1.80 1.3 1.1 1.5 1.4 1.6
CPI Housing Utilities (points) 101.30 103 103 99.39 99.09 104
CPI Transportation (points) 100.90 105 104 104 103 106

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 0.00 0 0 0 0 0
Interbank Rate (%) -0.52 -0.06 -0.48 -0.48 -0.48 0.44
Money Supply M2 (EUR Million) 1734932.00 1820000 1820000 1870000 1910000 1920000
Banks Balance Sheet (EUR Million) 3799088.53 4120000 4180000 4250000 4230000 4220000
Loans to Private Sector (EUR Million) 676944.00 677000 685000 682000 679000 685000
Private Debt to GDP (%) 166.20 179 177 177 177 177
Central Bank Balance Sheet (EUR Million) 1336622.90 1271000 1321000 1364000 1361000 1341000

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (EUR Million) 5848.88 5400 4160 4200 3100 800
Current Account (EUR Million) 7642.00 2210 1900 2400 1980 1910
Current Account to GDP (%) 3.00 3.4 3.2 3.2 3.2 3.2
Imports (EUR Million) 34286.23 25500 26040 27200 37400 33600
Exports (EUR Million) 40135.10 30900 30200 31400 40500 34400
External Debt (EUR Million) 2276159.00 2370000 2360000 2380000 2400000 2410000
Capital Flows (EUR Million) 4235.60 -3600 1980 2420 2500 2980
Gold Reserves (Tonnes) 2451.84 2452 2452 2452 2452 2452
Tourism Revenues (EUR Million) 3113.61 1200 1510 2720 3200 1900
Crude Oil Production (BBL/D/1K) 73.00 70 70 70 70 70
Foreign Direct Investment (EUR Million) -280.00 -2470 -2470 1500 3650 980

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 134.80 157 152 152 152 152
Government Budget (% of GDP) -1.60 -10.6 -5.8 -5.8 -5.8 -5.8
Government Budget Value (EUR Billion) -19.97 -4.9 -21 -61 -4 -5.9
Government Spending (EUR Million) 78918.20 89500 89400 89200 88700 89000
Government Spending to GDP (%) 48.70 59 52 52 52 52
Government Revenues (EUR Billion) 31.98 84 27 36 27 89
Government Debt (EUR Million) 2582551.10 2594000 2624000 2621000 2628000 2634000
Fiscal Expenditure (EUR Billion) 51.95 105 88 40 41 104

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 24.00 24 24 24 24 24
Personal Income Tax Rate (%) 43.00 43 43 43 43 43
Sales Tax Rate (%) 22.00 25 22 22 22 22
Social Security Rate (%) 39.49 39.49 39.49 39.49 39.49 39.49
Social Security Rate For Companies (%) 30.00 30 30 30 30 30
Social Security Rate For Employees (%) 9.49 9.49 9.49 9.49 9.49 9.49

Business Actual Q4 Q1 Q2 Q3 2021
Business Confidence (points) 90.20 82 85 84 86 89
Manufacturing PMI (points) 51.50 49 51 53 52.4 54
Services PMI (points) 39.40 44 50 52.9 52.5 52.9
Industrial Production (%) -5.10 -6 15.1 25 11 4.6
Industrial Production Mom (%) -5.60 1 0.5 0.6 -1.2 0.6
Manufacturing Production (%) -5.90 -8 16 27 12 5
Capacity Utilization (%) 72.90 67 65 69 70 72
New Orders (points) 112.30 84 89 91 92 98
Factory Orders (%) -6.40 -0.8 1 0.9 -0.6 0.6
Zew Economic Sentiment Index 19.30 2 1 12 8 10
Car Registrations 156978.00 105000 99000 101000 99000 132000
Mining Production (%) 2.70 -4.8 16 20 10 4.5
Bankruptcies (Companies) 3115.00 4000 3800 3700 3200 3600
Composite PMI (points) 42.70 45 50.4 53.4 52.8 53.4

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) 98.10 99 99 100 102 105
Retail Sales MoM (%) 0.60 -0.8 1.1 0.9 -1 0.6
Retail Sales YoY (%) 2.90 -2.8 4.5 10.5 3 5.6
Consumer Spending (EUR Million) 216689.60 251853 246952 251793 237275 259157
Disposable Personal Income (EUR Million) 274377.00 287055 299400 318826 300443 295380
Personal Savings (%) 18.60 14 13 12.5 12.2 11.7
Households Debt To GDP (% of GDP) 41.60 51 49 49 49 49
Households Debt To Income (%) 61.56 67 65 65 65 65
Bank Lending Rate (%) 1.71 2.23 1.71 1.71 1.71 2.73
Consumer Credit (EUR Million) 109181.17 106601 111580 126174 118972 109692
Gasoline Prices (USD/Liter) 1.83 1.68 1.65 1.57 1.49 1.59

Housing Actual Q4 Q1 Q2 Q3 2021
Construction Output (%) 5.10 -6 20.2 37.6 10.5 5.6
Housing Index (points) 102.50 95 97 99 100 102
Home Ownership Rate (%) 72.40 71 70 70 70 70
Construction PMI (points) 49.80 49 51 54 53.2 52


This page has economic forecasts for Italy including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Italy economy.