Survey on Inflation and Growth Expectations - 2019 Q3Statistics

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The survey conducted between 29 August and 19 September 2019 on a sample of Italian industrial and service firms with 50 or more employees, found that opinions on the overall economic situation were still pessimistic, although they have been improving for three consecutive quarters. Firms’ assessments of their own operating conditions remained negative, especially in industry excluding construction, partly as a result of international trade tensions. On the other hand, short-term demand expectations are improving, despite lower export growth.

This survey reveals that this year more businesses still intend to increase investment rather than reduce it and that this share is greater than in the previous survey. Opinions on investment conditions are considerably less pessimistic. Firms expect employment to remain basically unchanged in the next quarter in industry excluding construction and in the service sector, while they expect it to increase in the construction sector.

Expectations for consumer price inflation have been revised downwards significantly across all time horizons, probably influenced by the fall in current inflation observed in the latest data. For the next 12 months, businesses expect their own prices to continue to record moderate growth, expanding at a barely faster pace than last year.

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