Monthly report on italian economy showed:

• Recovery signals for the international economy were scant. Data surprised mostly to the downside both in advanced and emerging countries.

• In the euro area, GDP growth is expected to slow down slightly in the second quarter due to weaker industrial production but it should pick up slightly afterwards.

• Italian economy remains on a moderate growth path nevertheless labour market conditions and household purchasing power are continuing to improve.

• Last month, inflation remained subdued mainly because of most volatile components slow dynamics. On the contrary, the core inflation, although remaining very low, increased marginally.

• In June, consumer confidence decreased sharply and the deterioration was broad based. In the same month also the business confidence worsened. 

• The leading indicator continued to decrease although on a decelerating path suggesting that Italian economy will continue to grow modestly.