Venerdì 21 Febbraio 2020 | 10:56

NEWS DALLA SEZIONE

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Rome
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Rome
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Rome
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Rome
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Il Biancorosso

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i più letti

Rome

Output and GDP will rebound in Jan says Gualtieri (18)

After output showed worst result in 6 yrs in 2019

Output and GDP will rebound in Jan says Gualtieri (18)

Rome, February 13 - Italian industrial production and GDP will rebound in January, Economy Minister Roberto Gualtieri said Thursday. "All our indicators show for January a situation of recovery," he said. "Industrial production and GDP should rise. "We are talking about a rebound in January and we are confident that the economy can restart". Commenting on a sharp drop in production last year, Gualtieri said "it's hard for the government, whose measures come into force in January, to have a retroactive effect". The minister added that the government plans to cut IRPEF personal income tax. In order to do so, he said, the government would not rely on revenues from an increase in VAT. "We want to wholly eliminate the safeguard clauses and we are working on a comprehensive reform of IRPEF," he said on Italian TV. "But in order to do that we will not cash in on a VAT hike," he said. Italian industrial output fell 1.3% in 2019, the worst result in six years, ISTAT said Monday. It was the first fall since 2014 and the sharpest since 2013, the stats agency said. The 1.3% 2019 loss compared to a 0.6% gain the previous year, 2018, ISTAT said. Industrial production fell 2.7% in December in month-on-month terms, and by 4.3% in year-on-year terms. The monthly drop was the biggest since January 2018, ISTAT said. The yearly drop was adjusted to take into account the effects of the calendar. ISTAT said the year-on-year drop in December may have been partly due to the long weekend around December 27. Industrial production fell 1.4% in the last quarter of last year, ISTAT said, the biggest drop since 2012. This followed falls in the second and third quarter of 2018, it said. The sector was, therefore, suffering a recession, the stats agency said. Motor vehicle production was 13.9% down last year, ISTAT said. The Italian economy is slowly emerging from a triple-dip recession. Italy's GDP fell 0.3% in the last quarter of last year compared to the third quarter while it remained steady over the year, ISTAT said. The quarter-on-quarter fall was the biggest since the first quarter of 2013, that is almost seven years. The stats agency issued preliminary estimates. The third quarter of 2019 had shown a rise of 0.1% quarter on quarter and a gain of 0.5% year-on-year. The government says the 2020 budget will spur growth. Economy Minister Gualtieri said the government is "banking on" a rise in GDP in the first quarter.

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