Recent data confirm that the deceleration of the World economy has spilled over into Q4 2018, particularly in the industrial sector, which has experienced a broad-based loss of momentum

In Q4, Italian GDP decreased with respect to the previous quarter for the second time in a row conditioned by the negative performance of domestic demand.

In the labour market, employment stabilized and the unemployment rate decreased only marginally.

Prices decelerated due to the fall in the energy components and the inflation differential with respect to the euro area widened.

In January 2019, the consumer confidence improved while the composite business climate indicator decreased further.

The leading indicator experienced a sharp fall suggesting a worsening of the Italian cyclical position in the coming months.