Today the latest growth data for Italy will be released with forecasters expecting to see a mere 0.1% growth. Following on from a recession earlier in the year anything below the expected could raise further concerns with regards to the Eurozone’s third largest economy.
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In September the Italian Government will attempt to negotiate their 2020 budget with the EU. After the previous budget talks over the last year there is a strong chance things could go to the wire with no doubt some angry Italian Politicians taking to the stage before giving in.
The Italian Government very quickly fell below the expectations of the previous budget taking their borrowing percentage above the GDP limit. The European Union may have to be considerably stricter to make sure that the same mistakes aren’t made again.
The IMF have forecast the Italian economy to pick up and grow next year. They have estimated that by 2024 the Italian output will still be lower than 2007 meaning the country could see 17 years of stagnation.
This morning there is a flurry of data from the Eurozone. GDP is expected to show a decline of 0.2% to 1.0% for the YoY whist the QoQ is also expected to fall to 0.2% to 0.4%. Secondly, inflation in the form of Consumer Price Index is expected to show contraction from the previous readings with Unemployment expected to remain at 7.5%
There are some concerns for the Eurozone with data showing that some of the strongest industries are struggling, especially car manufacturing in Germany. The key question is whether it’s systemic of global performance or whether there are further underlying problems in the Eurozone.
The data today has the potential to create volatility and if you’re looking to complete a transfer then you may wish to be in contact with your account manager to make sure you’re up to date with the day’s events.
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