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Italy is working hard and harvesting the fruit of its efforts

ISTAT releases new encouraging data regarding Italian GPD and unemployment situation

Italy is working hard and harvesting the fruit of its efforts

Claudia Astarita

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The most recent data released by ISTAT - the Italian National Institute of Statistics - were proudly commented by the Italian Prime Minister Matteo Renzi as a tangible sign of Italian economic recovery.

The figures on GDP (raising up) and unemployment (minimum levels since 2003) let us understand that the Bel Paese is working hard to improve its performance and it is finally bearing fruit.

Expo 2015, industrial production and tourism worked as catalysts for this development but there is still a lot to be done. Nonetheless, in a video message, Mr Renzi declared "even if Italy is not yet wearing the pink t-shirt, it is again part of the group". Notwithstanding Renzi's optimism, some criticisms were moved by Giorgio Squinzi, the President of Confindustria, the General Confederation of Italian Industry. The latter stressed that a 0.3% economic growth rate is not enough and only serious and impacting reforms can assure an adequate and stable recovery to the country. Also Susanna Camusso, the leader of Cgil, the Italian General Confederation of Labour, seemed quite sceptic on the topic.

Still, statistics and numbers speak by themselves. According to ISTAT, unemployment in July 2015 was 12%, 0.5% less than June 2015 and 0.9% less compared to the last 12 months. The category "unemployed" has lost 147 thousand people, along with the one of "individuals looking for a job", which has 217 thousand people less. In addition, these encouraging figures seem to impact all categories (men and women), with a special focus on youth. On this topic, youth unemployment had a 2.5% decrease compared to July 2015, also pointing out that there are 51 thousand young people who are not unemployed anymore. Furthermore, GDP had a 0.3% growth in the last three months and a +0.7% considering the annual basis.

Overall, Italy seems to be doing a good job. Beyond the obstacles and difficulties in several fields, the Bel Paese is moving on to get back on the stage again.

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