%PDF-1.6
%
1 0 obj
<>>>
endobj
2 0 obj
<>stream
2020-07-13T10:42:29+02:00
2020-07-13T10:42:30+02:00
2020-07-13T10:42:30+02:00
Adobe InDesign 15.0 (Windows)
uuid:a20336bb-13de-464e-8993-04ec1e9f7fd1
adobe:docid:indd:eb2f7517-47f2-11df-b95b-99b22b0a1d49
xmp.id:b306d1e4-f42e-5245-b7fa-2f2ead504ff1
proof:pdf
xmp.iid:69477134-a061-1545-9b60-5d836ce454ef
xmp.did:5eb8544c-67b6-5b41-bc9a-27f382524b78
adobe:docid:indd:eb2f7517-47f2-11df-b95b-99b22b0a1d49
default
converted
from application/x-indesign to application/pdf
Adobe InDesign 15.0 (Windows)
/
2020-07-13T10:42:29+02:00
application/pdf
Bollettino Economico n. 1 - 2019
Banca d'Italia
Adobe PDF Library 15.0
False
endstream
endobj
12 0 obj
<>
endobj
3 0 obj
<>
endobj
5 0 obj
</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<0 510514>>/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
6 0 obj
</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<0 599703>>/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
7 0 obj
</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<0 599722>>/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
8 0 obj
</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<0 510515>>/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
9 0 obj
</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<0 510809>>/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
10 0 obj
</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<0 510810>>/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
11 0 obj
</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<0 510991>>/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
14 0 obj
</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<0 595974>>/PageWidthList<0 595.276>>>>>>/Resources<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>>
endobj
51 0 obj
<>stream
q
/GS0 gs
0 TL/Fm0 Do
Q
BT
0 0 0 0 k
/GS0 gs
/T1_0 1 Tf
14 0 0 14 53.1929 63.0709 Tm
(8)Tj
ET
q
0 g
0 TL/Fm1 Do
Q
BT
0 0 0 1 k
/GS1 gs
/T1_1 1 Tf
0.436 Tw 11.5 0 0 11.5 70.8661 716.5039 Tm
(\(b\) a fall in foreign demand that is more )Tj
0.017 Tw 0 -1.043 Td
(pronounced than in the baseline scenario for this )Tj
-0.004 Tw 0 -1.043 Td
(year \(20 per cent\) and a more gradual recovery in )Tj
0.141 Tw 0 -1.043 Td
[(the )0.6 (next )0.5 (two )0.5 (years, )0.5 (both )0.6 (in )0.6 (world )0.6 (trade )0.6 (and )0.5 (in )]TJ
0.2 Tw 0 -1.043 Td
[(tourist \033ows; and \(c\) an increase )0.5 (in long-term )]TJ
0.274 Tw 0 -1.043 Td
(bond yields of around 50 basis points and a )Tj
0.231 Tw 0 -1.043 Td
[(tightening in )0.6 (credit )0.5 (conditions )0.5 (equal )0.5 (to )0.5 (about )]TJ
0.284 Tw 0 -1.043 Td
(half that observed during the global \034nancial )Tj
0 Tw 0 -1.043 Td
(crisis.)Tj
6.96 0 0 6.96 95.4986 624.4639 Tm
(4)Tj
0.608 Tw 11.5 0 0 11.5 98.9786 620.5039 Tm
( \035ese assumptions would result in )Tj
0.558 Tw -2.445 -1.043 Td
(additional declines of -1.3, -1.5 and -1.2 )Tj
0.108 Tw 0 -1.043 Td
[(percentage )0.5 (points )0.5 (respectively )0.5 (in )0.5 (GDP )0.5 (in )0.5 (2020. )]TJ
0.121 Tw 0 -1.043 Td
(GDP would fall by 13.5 per cent this year and )Tj
0.071 Tw 0 -1.043 Td
(would recover at a more moderate pace in 2021 )Tj
0 Tw 0 -1.043 Td
(\(3.5 per cent\). )Tj
-0.01 Tc 0.01 Tw 0 -2.087 Td
[(Among the components of demand, consumption)-10 ( )]TJ
0.263 Tw 0 -1.043 Td
[(is projected to fall more markedly than GDP,)-9.9 ( )]TJ
0.085 Tw 0 -1.043 Td
[(especially )0.5 (in 2020; )0.5 (the fall in )0.5 (investment, ampli\034ed )0.5 (by the worsening \034nancial conditions, would )0.5 (near)-10 ( )]TJ
0.013 Tw 0 -1.043 Td
[(21 per cent this year and 11 per cent over the three-year period 2020-22\
; the dynamics of exports would)-10 ( )]TJ
0.02 Tw 0 -1.043 Td
[(re\033ect those of foreign demand. In\033ation would be lower than that \
estimated in the baseline scenario by)-10 ( )]TJ
0 Tw 0 -1.043 Td
(about 0.2 percentage points in each of the three years considered.)Tj
-0.02 Tc -0.002 Tw 8.381 -2.087 Td
[(\035e growth projections of the main forecasters fall between our baseli\
ne scenario and)-20 ( )]TJ
0.22 Tw 0 -1.043 Td
[(our more adverse scenario )0.5 (\(Table 16\). \035e range of )0.5 (individual private analysts\222)-20 ( )]TJ
-0.009 Tw 0 -1.043 Td
[(estimates )0.5 (for )0.5 (GDP )0.5 (growth )0.5 (in )0.5 (2020 )0.5 (and )0.5 (2021 )0.5 (is )0.5 (exceptionally )0.5 (wide: )0.5 (between )0.6 (-6.7 )0.5 (and)-19.9 ( )]TJ
0.014 Tw -8.381 -1.043 Td
[(-18 percentage points for this year and between 3.4)-20 ( )]TJ
0.313 Tw 0 -1.043 Td
[(and 15 points for next year \(according to the)-20 ( )]TJ
0.236 Tw 0 -1.043 Td
[(estimates published by Consensus Economics in)-20 ( )]TJ
0.02 Tw 0 -1.043 Td
(June\).)Tj
0.01 Tc 0.135 Tw 8.381 -2.087 Td
[(Signi\034cant support to the)10 ( )]TJ
-0.031 Tw 0 -1.043 Td
[(economy could come from)10 ( )]TJ
2.468 Tw 0 -1.043 Td
[(the abovementioned)10 ( )]TJ
0.348 Tw 0 -1.043 Td
[(measures currently being)10 ( )]TJ
-0.034 Tw -8.381 -1.043 Td
[(drawn up at European level, including the \221Next)10 ( )]TJ
0.081 Tw 0 -1.043 Td
[(Generation EU\222 recovery fund. \035e amount of)10 ( )]TJ
0.354 Tw 0 -1.043 Td
[(funding made available and the consequent)10 ( )]TJ
0.451 Tw 0 -1.043 Td
[(stimulus to growth will depend upon the)10 ( )]TJ
0.463 Tw 0 -1.043 Td
[(capacity to propose and implement sound)10 ( )]TJ
1.041 Tw 0 -1.043 Td
[(investment programmes. \035e additional)10 ( )]TJ
0.112 Tw 0 -1.043 Td
[(expansionary \034scal policy measures announced)10 ( )]TJ
-0.031 Tw 0 -1.043 Td
[(in the \034rst half of June in France and, especially,)10 ( )]TJ
0.13 Tw 0 -1.043 Td
[(in Germany could also have a positive impact)10 ( )]TJ
-0.04 Tw 0 -1.043 Td
[(on our economy owing to the strong production)10 ( )]TJ
0.368 Tw 0 -1.043 Td
[(and commercial ties with the German and)10 ( )]TJ
0 Tw 0 -1.043 Td
(French economies.)Tj
0 Tc 5.22 0 0 5.22 70.8661 139.1906 Tm
(4)Tj
-0.01 Tc 0.062 Tw /Span<>> BDC
9 0 0 9 73.4239 136.2206 Tm
( )Tj
EMC
0.976 0 Td
[(\035is scenario does not consider mor)10 (e extr)10.1 (eme dev)6 (elopments connected with the possible e\037ects, which would be non-line\
ar and)-9.9 ( )]TJ
0.098 Tw 0 -1.111 Td
[(di\036cult to quantify)85.1 (, that could stem fr)6 (om widespr)10 (ead insolv)6 (encies among \034rms, which would hav)6 (e a signi\034cant impact on the)-10 ( )]TJ
0 Tw 0 -1.111 Td
[(economy)30 (\222)80 (s pr)6.1 (oduction capacity)85.1 (, or fr)6.1 (om fur)-8 (ther wav)6 (es of the pandemic.)]TJ
ET
0 0 0 0 k
/GS0 gs
70.866 441.967 85.039 18.162 re
f
BT
/CS0 cs 1 scn
/T1_0 1 Tf
0 Tc 9 0 0 9 70.8661 453.6665 Tm
(The other forecasts)Tj
( )Tj
0 -1.3 Td
(are wide-ranging)Tj
ET
0 0 0 0 k
70.866 334.267 85.039 29.862 re
f
BT
/CS0 cs 1 scn
9 0 0 9 70.8661 357.6665 Tm
(The EU initiatives )Tj
0 -1.3 Td
(could facilitate)Tj
( )Tj
0 -1.3 Td
(a stronger recovery )Tj
ET
/CS1 cs 1 scn
306.142 717.123 218.268 -27.8 re
306.142 689.322 218.268 -134.621 re
f
/CS2 CS 1 SCN
/GS2 gs
q 1 0 0 1 306.1417 717.1227 cm
0 0 m
218.268 0 l
S
Q
q 1 0 0 1 306.1417 554.7015 cm
0 0 m
218.268 0 l
S
Q
0.5 w
q 1 0 0 1 306.1417 689.3222 cm
0 0 m
218.268 0 l
S
Q
BT
/CS2 cs 1 scn
/GS0 gs
/T1_2 1 Tf
8 0 0 8 488.8417 719.9727 Tm
(Figure 48)Tj
0 0 0 1 k
/GS1 gs
9 0 0 9 355.5161 704.9915 Tm
(Consumer price in\037ation )Tj
/T1_3 1 Tf
(\(1\))Tj
/T1_4 1 Tf
8 0 0 8 324.3561 694.9915 Tm
(\(quarterly data; year-on-year percentage changes\))Tj
ET
/PlacedPDF /MC0 BDC
BT
0 g
/GS0 gs
/T1_5 1 Tf
0.007 Tc -0.007 Tw 6 0 0 6 323.6159 565.5959 Tm
[('06)-477 (')-2 (07)-477 ('08)-457 (')-1.9 (09)-497 ('1)63 (0)-577 (')-2 (1)123 (1)-557 ('1)43 (2)-517 (')-2 (1)43 (3)-517 ('1)43 (4)-497 (')-1.9 (1)43 (5)-537 ('1)43 (6)-497 (')-2 (1)43 (7)-517 ('1)43 (8)]TJ
23.52 0 Td
[(')0.5 (1)43 (9)-457 (')-2 (2)0.5 (0)-457 (')0.5 (2)0.5 (1)-517 (')0.6 (2)0.5 (2)]TJ
ET
1 1 1 rg
322.834 572.334 183.24 102.48 re
f
q
310.108 563.206 210.335 116.195 re
W n
0 0 0 rg
q 1 0 0 1 322.7136 674.814 cm
0 0 m
0 0.12 0 0.12 0.12 0.12 c
183.36 0.12 l
183.48 0.12 183.48 0.12 183.48 0 c
183.48 -102.48 l
183.48 -102.6 183.48 -102.6 183.36 -102.6 c
0.12 -102.6 l
0 -102.6 0 -102.6 0 -102.48 c
h
0.24 -102.48 m
0.12 -102.36 l
183.36 -102.36 l
183.24 -102.48 l
183.24 0 l
183.36 -0.12 l
0.12 -0.12 l
0.24 0 l
f
Q
Q
q
322.714 572.094 183.6 102.84 re
W n
0.918 0.918 0.918 rg
477.874 428.814 3.48 246 re
481.354 428.814 3.6 246 re
484.954 428.814 3.48 246 re
488.434 428.814 3.48 246 re
491.914 428.814 3.6 246 re
495.514 428.814 3.48 246 re
498.994 428.814 3.48 246 re
502.474 428.814 3.6 246 re
f
Q
q
310.108 563.206 210.335 116.195 re
W n
0 0 0 rg
506.074 572.334 0.12 102.48 re
f
322.834 674.694 183.24 0.12 re
f
322.714 572.334 0.12 102.48 re
f
322.834 572.214 183.24 0.12 re
f
Q
q
322.714 572.094 183.24 102.84 re
W n
0 0 0 rg
322.834 592.734 183.12 0.12 re
f
322.834 613.254 183.12 0.12 re
f
322.834 633.774 183.12 0.12 re
f
322.834 654.294 183.12 0.12 re
f
Q
q
322.714 572.454 183.6 102.48 re
W n
0 0 0 rg
322.714 572.374 0.12 102.44 re
f
325.474 572.374 0.12 1.64 re
f
328.114 572.374 0.12 2.48 re
f
330.874 572.374 0.12 1.64 re
f
333.514 572.374 0.12 102.44 re
f
336.154 572.374 0.12 1.64 re
f
338.914 572.374 0.12 2.48 re
f
341.554 572.374 0.12 1.64 re
f
344.314 572.374 0.12 102.44 re
f
346.954 572.374 0.12 1.64 re
f
349.714 572.374 0.12 2.48 re
f
352.354 572.374 0.12 1.64 re
f
355.114 572.374 0.12 102.44 re
f
357.754 572.374 0.12 1.64 re
f
360.514 572.374 0.12 2.48 re
f
363.154 572.374 0.12 1.64 re
f
365.914 572.374 0.12 102.44 re
f
368.554 572.374 0.12 1.64 re
f
371.194 572.374 0.12 2.48 re
f
373.954 572.374 0.12 1.64 re
f
376.714 572.374 0.12 102.44 re
f
379.354 572.374 0.12 1.64 re
f
381.994 572.374 0.12 2.48 re
f
384.754 572.374 0.12 1.64 re
f
387.394 572.374 0.12 102.44 re
f
390.154 572.374 0.12 1.64 re
f
392.794 572.374 0.12 2.48 re
f
395.554 572.374 0.12 1.64 re
f
398.194 572.374 0.12 102.44 re
f
400.954 572.374 0.12 1.64 re
f
403.594 572.374 0.12 2.48 re
f
406.354 572.374 0.12 1.64 re
f
408.994 572.374 0.12 102.44 re
f
411.634 572.374 0.12 1.64 re
f
414.394 572.374 0.12 2.48 re
f
417.034 572.374 0.12 1.64 re
f
419.794 572.374 0.12 102.44 re
f
422.434 572.374 0.12 1.64 re
f
425.194 572.374 0.12 2.48 re
f
427.834 572.374 0.12 1.64 re
f
430.594 572.374 0.12 102.44 re
f
433.234 572.374 0.12 1.64 re
f
435.994 572.374 0.12 2.48 re
f
438.634 572.374 0.12 1.64 re
f
441.394 572.374 0.12 102.44 re
f
444.034 572.374 0.12 1.64 re
f
446.674 572.374 0.12 2.48 re
f
449.434 572.374 0.12 1.64 re
f
452.194 572.374 0.12 102.44 re
f
454.834 572.374 0.12 1.64 re
f
457.474 572.374 0.12 2.48 re
f
460.234 572.374 0.12 1.64 re
f
462.994 572.374 0.12 102.44 re
f
465.634 572.374 0.12 1.64 re
f
468.274 572.374 0.12 2.48 re
f
471.034 572.374 0.12 1.64 re
f
473.674 572.374 0.12 102.44 re
f
476.434 572.374 0.12 1.64 re
f
479.074 572.374 0.12 2.48 re
f
481.834 572.374 0.12 1.64 re
f
484.474 572.374 0.12 102.44 re
f
487.234 572.374 0.12 1.64 re
f
489.874 572.374 0.12 2.48 re
f
492.634 572.374 0.12 1.64 re
f
495.274 572.374 0.12 102.44 re
f
497.914 572.374 0.12 1.64 re
f
500.674 572.374 0.12 2.48 re
f
503.314 572.374 0.12 1.64 re
f
Q
q
322.714 572.094 183.6 102.84 re
W n
1 0 0 rg
q 1 0 0 1 323.0736 638.934 cm
0 0 m
2.64 0.84 l
5.28 1.8 l
5.4 1.92 5.64 1.92 5.76 1.8 c
8.52 0.12 l
8.4 0.12 l
11.16 -0.72 l
11.28 -0.72 11.28 -0.72 11.4 -0.84 c
14.04 -3.36 l
14.16 -3.48 l
16.8 -7.08 l
15.84 -6.96 l
18.6 -4.2 l
18.48 -4.44 l
21.12 1.92 l
23.88 11.52 l
26.52 23.64 l
26.52 23.76 26.64 23.88 26.64 24 c
29.4 26.04 l
29.64 26.16 29.88 26.16 30 26.04 c
30.24 26.04 30.36 25.8 30.36 25.68 c
33.12 15.96 l
35.76 0.96 l
38.4 -19.2 l
41.16 -30.12 l
40.68 -29.76 l
43.32 -30.24 l
42.72 -30.48 l
45.36 -26.88 l
45.36 -27 l
48.12 -18.84 l
50.76 -12.6 l
53.52 -7.08 l
56.16 0 l
56.16 0.12 l
58.92 5.16 l
58.92 5.04 l
61.56 14.16 l
61.56 14.28 l
64.32 20.4 l
64.44 20.52 l
67.08 23.76 l
69.72 27.84 l
69.84 28.08 70.08 28.2 70.32 28.2 c
70.56 28.08 70.68 27.96 70.8 27.84 c
73.44 22.2 l
76.2 14.64 l
78.84 2.28 l
81.48 -9.96 l
84.24 -20.28 l
87 -28.68 l
87 -28.56 l
89.64 -32.64 l
92.28 -38.64 l
92.16 -38.52 l
94.92 -40.92 l
97.68 -43.8 l
97.56 -43.68 l
100.2 -45.24 l
99.6 -45.24 l
102.24 -43.32 l
102.36 -43.2 102.48 -43.2 v
105.24 -43.2 l
105.12 -43.32 l
107.76 -42.72 l
108 -42.6 108.12 -42.72 108.24 -42.72 c
111 -44.64 l
113.64 -46.56 l
113.28 -46.44 l
116.04 -46.44 l
115.56 -46.92 l
118.2 -40.08 l
120.96 -30.36 l
123.6 -23.28 l
123.6 -23.16 l
126.36 -18.6 l
126.48 -18.48 126.6 -18.36 126.84 -18.36 c
126.96 -18.24 127.2 -18.36 127.32 -18.48 c
129.96 -21 l
132.6 -24.12 l
131.88 -24 l
134.64 -22.2 l
137.16 -20.28 l
137.28 -20.16 137.28 -20.16 137.4 -20.16 c
140.16 -19.32 l
140.28 -19.2 140.28 -19.2 140.4 -19.32 c
143.04 -19.68 l
143.28 -19.68 143.4 -19.8 143.52 -20.04 c
146.28 -26.88 l
148.92 -32.76 l
151.68 -36.84 l
154.32 -42.24 l
154.2 -42.12 l
156.96 -44.52 l
159.6 -47.4 l
162.36 -49.68 l
161.52 -49.68 l
164.16 -47.4 l
166.8 -45 l
169.56 -42.6 l
169.44 -42.72 l
172.2 -38.4 l
172.32 -38.28 l
174.96 -36 l
174.84 -36.12 l
177.48 -31.8 l
180.24 -25.44 l
180.36 -25.2 180.72 -25.08 180.96 -25.2 c
181.32 -25.32 181.44 -25.68 181.32 -25.92 c
178.56 -32.28 l
178.56 -32.4 l
175.92 -36.72 l
175.8 -36.84 l
173.16 -39.12 l
173.28 -39 l
170.52 -43.32 l
170.4 -43.44 l
167.64 -45.84 l
165 -48.24 l
162.36 -50.52 l
162.12 -50.76 161.76 -50.76 161.52 -50.52 c
158.76 -48.24 l
156.12 -45.36 l
153.36 -42.96 l
153.24 -42.84 l
150.6 -37.44 l
147.84 -33.36 l
147.84 -33.24 l
145.2 -27.24 l
142.44 -20.4 l
142.92 -20.76 l
140.28 -20.4 l
140.52 -20.4 l
137.76 -21.24 l
138 -21.12 l
135.24 -23.28 l
132.48 -25.08 l
132.24 -25.2 131.88 -25.2 131.76 -24.96 c
129.12 -21.84 l
126.48 -19.32 l
127.44 -19.2 l
124.68 -23.76 l
124.68 -23.64 l
122.04 -30.72 l
119.28 -40.44 l
116.64 -47.28 l
116.52 -47.52 116.4 -47.64 116.04 -47.64 c
113.28 -47.64 l
113.04 -47.64 l
110.4 -45.72 l
107.64 -43.8 l
108.12 -43.8 l
105.48 -44.4 l
105.24 -44.4 l
102.48 -44.4 l
102.84 -44.4 l
100.2 -46.32 l
100.08 -46.44 99.84 -46.44 99.6 -46.32 c
96.96 -44.76 l
96.84 -44.64 l
94.08 -41.76 l
91.32 -39.36 l
91.2 -39.24 91.2 -39.12 v
88.56 -33.12 l
88.56 -33.24 l
85.92 -29.16 l
85.92 -29.04 l
83.16 -20.64 l
80.4 -10.32 l
77.76 1.92 l
75.12 14.28 l
72.36 21.6 l
69.72 27.24 l
70.8 27.24 l
67.92 22.92 l
65.28 19.68 l
65.4 19.8 l
62.64 13.68 l
62.64 13.8 l
60 4.68 l
60 4.56 l
57.24 -0.48 l
57.24 -0.36 l
54.6 -7.68 l
51.84 -13.08 l
49.2 -19.2 l
46.44 -27.36 l
46.44 -27.48 l
43.8 -31.08 l
43.56 -31.32 43.32 -31.44 43.2 -31.32 c
40.56 -30.84 l
40.32 -30.84 40.08 -30.72 40.08 -30.48 c
37.32 -19.32 l
34.68 0.84 l
32.04 15.6 l
29.28 25.32 l
30.12 25.08 l
27.36 23.04 l
27.6 23.28 l
24.96 11.16 l
22.2 1.56 l
19.56 -4.8 l
19.56 -4.92 19.44 -5.04 y
16.68 -7.8 l
16.56 -7.92 16.44 -8.04 16.2 -7.92 c
16.08 -7.92 15.84 -7.92 15.72 -7.68 c
13.08 -4.08 l
13.2 -4.2 l
10.56 -1.68 l
10.8 -1.8 l
8.04 -0.96 l
7.92 -0.96 l
5.16 0.72 l
5.64 0.72 l
3 -0.24 l
0.36 -1.08 l
0 -1.2 -0.36 -1.08 -0.36 -0.72 c
-0.48 -0.36 -0.36 -0.12 0 0 c
f
Q
Q
BT
0 g
6 0 0 6 511.3536 570.2944 Tm
(-1)Tj
0 Tc 0 Tw 0.333 3.42 Td
(0)Tj
0 3.42 Td
(1)Tj
0 3.42 Td
(2)Tj
0 3.42 Td
(3)Tj
0 3.4 Td
(4)Tj
0.007 Tc -0.007 Tw -33.533 -17.08 Td
(-1)Tj
0 Tc 0 Tw 0.32 3.42 Td
(0)Tj
0 3.42 Td
(1)Tj
0 3.42 Td
(2)Tj
0 3.42 Td
(3)Tj
0 3.4 Td
(4)Tj
ET
EMC
BT
0 0 0 1 k
/GS1 gs
/T1_3 1 Tf
6.5 0 0 6.5 306.1417 544.3653 Tm
(Sources: Based on Bank of Italy and Istat data.)Tj
0 -1.154 Td
(\(1\) HICP; 4-term moving averages.)Tj
ET
0 0 0 0 k
/GS0 gs
305.642 412.819 218.268 -8.579 re
305.642 404.24 218.268 -27.4 re
416.193 376.84 53.858 -16.685 re
470.051 376.84 53.858 -16.685 re
416.193 360.155 26.929 -16.723 re
443.122 360.155 26.929 -16.723 re
470.051 360.155 26.929 -16.723 re
496.98 360.155 26.929 -16.723 re
305.642 343.432 110.551 -14.389 re
416.193 343.432 26.929 -14.389 re
443.122 343.432 26.929 -14.389 re
470.051 343.432 26.929 -14.389 re
496.98 343.432 26.929 -14.389 re
305.642 329.043 110.551 -11.554 re
416.193 329.043 26.929 -11.554 re
443.122 329.043 26.929 -11.554 re
470.051 329.043 26.929 -11.554 re
496.98 329.043 26.929 -11.554 re
305.642 317.488 110.551 -11.554 re
416.193 317.488 26.929 -11.554 re
443.122 317.488 26.929 -11.554 re
470.051 317.488 26.929 -11.554 re
496.98 317.488 26.929 -11.554 re
305.642 305.934 110.551 -11.554 re
416.193 305.934 26.929 -11.554 re
443.122 305.934 26.929 -11.554 re
470.051 305.934 26.929 -11.554 re
496.98 305.934 26.929 -11.554 re
305.642 294.38 110.551 -16.723 re
416.193 294.38 26.929 -16.723 re
443.122 294.38 26.929 -16.723 re
470.051 294.38 26.929 -16.723 re
496.98 294.38 26.929 -16.723 re
f
305.642 376.84 110.551 -33.408 re
305.642 277.657 218.268 -100.336 re
f
1 w
/GS2 gs
q 1 0 0 1 305.6417 404.2404 cm
0 0 m
110.551 0 l
S
Q
q 1 0 0 1 416.1929 404.2404 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 443.122 404.2404 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 470.0512 404.2404 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 496.9803 404.2404 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 416.1929 277.6566 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 443.122 277.6566 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 470.0512 277.6566 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 496.9803 277.6566 cm
0 0 m
26.929 0 l
S
Q
0.5 w
q 1 0 0 1 305.6417 376.8399 cm
0 0 m
110.551 0 l
S
Q
q 1 0 0 1 416.1929 343.4315 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 443.122 343.4315 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 470.0512 343.4315 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 496.9803 343.4315 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 416.1929 376.8399 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 443.122 376.8399 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 470.0512 376.8399 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 496.9803 376.8399 cm
0 0 m
27.429 0 l
S
Q
q 1 0 0 1 415.6929 360.155 cm
0 0 m
27.429 0 l
S
Q
q 1 0 0 1 443.122 360.155 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 470.0512 360.155 cm
0 0 m
26.929 0 l
S
Q
q 1 0 0 1 496.9803 360.155 cm
0 0 m
27.429 0 l
S
Q
q 1 0 0 1 305.1417 343.4315 cm
0 0 m
111.051 0 l
S
Q
1 w
q 1 0 0 1 305.1417 277.6566 cm
0 0 m
111.051 0 l
S
Q
BT
/CS2 cs 1 scn
/GS0 gs
/T1_2 1 Tf
8 0 0 8 491.8936 407.075 Tm
(Table 16)Tj
0 0 0 1 k
/GS1 gs
9 0 0 9 333.11 392.1092 Tm
[(Other or)15 (ganizations)20.1 (\222)80 ( f)20 (or)19.9 (ecasts f)20.1 (or Ital)15 (y)]TJ
/T1_4 1 Tf
8 0 0 8 340.4838 382.5092 Tm
[(\(per)20 (cent)20 (a)10 (ge c)10 (hanges on pr)20 (e)20 (vious period\))]TJ
/T1_3 1 Tf
7.5 0 0 7.5 429.3709 365.805 Tm
(GDP \(1\))Tj
6.529 0 Td
[(In\037)30 (ation \(2\))]TJ
-7.602 -2.227 Td
(2020)Tj
3.591 0 Td
(2021)Tj
3.591 0 Td
(2020)Tj
3.591 0 Td
(2021)Tj
-26.128 -2.608 Td
[(IMF \(J)20 (une/Apr)-15 (il\))]TJ
15.229 -0.067 Td
(-12)Tj
(.)Tj
(8)Tj
4.48 0 Td
(6)Tj
(.)Tj
(3)Tj
3.591 0 Td
(0)Tj
(.)Tj
(2)Tj
3.591 0 Td
(0)Tj
(.)Tj
(7)Tj
-26.89 -1.474 Td
[(Eur)20 (opean C)15 (ommission \(J)20 (ul)20 (y\))]TJ
15.229 -0.067 Td
(-11)Tj
(.)Tj
(2)Tj
4.48 0 Td
(6)Tj
(.)Tj
(1)Tj
3.591 0 Td
(0)Tj
(.)Tj
(0)Tj
3.591 0 Td
(0)Tj
(.)Tj
(8)Tj
-26.89 -1.474 Td
[(C)15 (onsensus Economics \(J)19.9 (une\))]TJ
15.229 -0.067 Td
(-10)Tj
(.)Tj
(7)Tj
4.48 0 Td
(6)Tj
(.)Tj
(5)Tj
3.258 0 Td
(-0)Tj
(.)Tj
(1)Tj
3.924 0 Td
(0)Tj
(.)Tj
(6)Tj
-26.89 -1.474 Td
[(P)55 (r)-15 (iv)25 (at)20 (e anal)20 (y)20 (sts \(J)20 (une\))]TJ
15.229 -0.067 Td
(-12)Tj
(.)Tj
(4)Tj
4.48 0 Td
(6)Tj
(.)Tj
(7)Tj
3.313 0 Td
(n.d.)Tj
3.591 0 Td
(n.d.)Tj
-26.612 -1.474 Td
[(OECD \(J)20 (une\) \(3\))]TJ
15.229 0 Td
(-11)Tj
(.)Tj
(3)Tj
4.48 0 Td
(7)Tj
(.)Tj
(7)Tj
3.258 0 Td
(-0)Tj
(.)Tj
(1)Tj
3.924 0 Td
(0)Tj
(.)Tj
(1)Tj
-0.007 Tw 6.5 0 0 6.5 305.6417 267.3203 Tm
[(Sour)20 (ces:)50 ( IMF)150 (, )]TJ
/T1_4 1 Tf
[(W)40 (orld Economic Outlook Updat)20.1 (e)]TJ
/T1_3 1 Tf
[(, J)20 (une 2020, f)30 (or g)10 (r)20 (o)15 (wth;)50 ( IMF)150 (, )]TJ
/T1_4 1 Tf
0.161 Tw 0 -1.154 Td
[(W)40 (orld Economic Outlook)]TJ
/T1_3 1 Tf
[(, )50 (Apr)-15 (il 2020, f)30 (or in\037)30 (ation;)50 ( Eur)20 (opean C)15.1 (ommission, )]TJ
/T1_4 1 Tf
-0.07 Tw 0 -1.154 Td
[(Eur)20 (opean Economic F)35 (or)20 (ec)15 (ast Summer 2020 \(Int)20 (erim\))]TJ
/T1_3 1 Tf
0 Tw (,)Tj
/T1_4 1 Tf
( )Tj
/T1_3 1 Tf
-0.07 Tw 23.866 0 Td
[(Ma)30 (y 2020;)49.9 ( C)15 (onsensus )]TJ
0 Tw -23.866 -1.154 Td
[(Economics)15 (, )]TJ
/T1_4 1 Tf
0.012 Tw 5.443 0 Td
[(Consensus F)35 (or)20 (ec)15 (asts)]TJ
/T1_3 1 Tf
0 Tw (,)Tj
/T1_4 1 Tf
( )Tj
/T1_3 1 Tf
0.012 Tw 10.236 0 Td
[(1)115 (1 J)20 (une 2020;)50 ( pr)-15 (iv)25 (at)20 (e anal)20 (y)20 (sts:)50 ( Bar)20 (cla)30.1 (y)19.9 (s)15 (, )]TJ
-0.052 Tw -15.679 -1.154 Td
[(Deutsche Bank, Goldman S)15 (achs and JP Mor)20 (g)20 (an, J)19.9 (une 2020 a)20 (v)25 (er)10 (age;)50 ( OECD)70 (, )]TJ
/T1_4 1 Tf
0 Tw 0 -1.154 Td
(OECD Economic Outlook)Tj
/T1_3 1 Tf
[(, J)20 (une 2020.)]TJ
0.027 Tw 0 -1.154 Td
[(\(1\) )50.4 (The )0.5 (g)10 (r)20 (o)15 (wth r)10 (at)20 (e f)30 (or)20 (ecasts )0.5 (of the OECD )0.5 (ar)20 (e )0.5 (adjust)20 (ed f)30 (or calendar )0.5 (ef)40 (f)30 (ects;)50 ( )]TJ
0.042 Tw 0 -1.154 Td
[(those of the Eur)20 (opean C)15.1 (ommission and IMF ar)20 (e not.)60 ( \226 \(2\) HICP \226 \(3\) Mor)20 (e )]TJ
-0.016 Tw 0 -1.154 Td
[(f)30 (a)20 (v)25 (our)10 (ab)20 (le scenar)-15 (io \(\221single-hit\222\), which r)-15 (ules out ne)20 (w outbr)20 (eaks of cont)10 (agion )]TJ
0.117 Tw 0 -1.154 Td
[(in the second half of 2020.)60.1 ( In the mor)20 (e se)30 (v)25 (er)20 (e scenar)-15 (io en)20 (visaged b)20 (y the )]TJ
0.061 Tw 0 -1.154 Td
[(OECD \(\221doub)20 (le-hit\222\), GDP w)10 (ould f)30 (all b)20 (y 1)40 (4 per cent in 2020 and r)-14.9 (ise b)20 (y 5.3 )]TJ
0.036 Tw 0 -1.154 Td
[(per cent in 2021;)50 ( in\037)30 (ation in the t)-40 (w)10 (o y)19.9 (ear)20 (s w)10 (ould be equal t)20 (o -0.2 e -0.1 per )]TJ
0 Tw 0 -1.154 Td
[(cent r)20 (espectiv)25 (el)20 (y)]TJ
12 0 0 12 353.6246 177.3203 Tm
(.)Tj
ET
endstream
endobj
32 0 obj
<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/Subtype/Form>>stream
BT
/PlacedGraphic /MC0 BDC
/CS0 cs 1 scn
/GS0 gs
/T1_0 1 Tf
0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 7 0 0 7 76.5354 63.091 Tm
(Economic Bulletin No. 3 / 2020)Tj
/T1_1 1 Tf
-0.031 Tc 0.031 Tw 8 0 0 8 461.933 63.0711 Tm
(BA)Tj
0 Tc 0 Tw 1.261 0 Td
(NCA D\222IT)Tj
4.267 0 Td
(ALIA)Tj
EMC
ET
/CS1 cs 1 scn
/GS1 gs
42.52 58.557 28.346 19.042 re
f
endstream
endobj
33 0 obj
<>/ExtGState<>>>/Subtype/Form>>stream
/CS0 CS 1 SCN
1 w 4 M 0 j 0 J
/GS0 gs
q 1 0 0 1 42.5197 58.8426 cm
0 0 m
481.89 0 l
S
Q
endstream
endobj
19 0 obj
<>
endobj
16 0 obj
[/Separation/Bollettino#20Economico#20-#20Blu#20100/DeviceCMYK<>]
endobj
57 0 obj
<>
endobj
58 0 obj
<>stream
Adobe InDesign 15.0 (Windows)
2020-08-06T08:52Z
C979050
-TEXT - piedino sinistro.indd
endstream
endobj
55 0 obj
<>
endobj
56 0 obj
<>
endobj
60 0 obj
<>
endobj
61 0 obj
<>stream
HAKJ/^g^?#_<<9ny{P'<8~}F=蹝vF=x4|`Oywc.Kx'"i.#ٴ +$9"d^.EmlՒrlȚ̋L2d.a6֘A|9h&zpŲfdذg<
mno8Dqp\QNU|IT>i'RT@Py|
]5ְ,H8kp;o:)e7n.x\:qbX#Zz3ˑSRKeNz{SP
JJ|hꇉ̩JDg&rWc'd.U4#e &^7O
}6+D*vTI:i]cbK^VͣC$KD+X^ΜGxT|Χ&lUi4^|=FSD^6U}ӸgxC5
h ˪{x@hX.
W4ѯcw?b~[wض$5xq9ތꨃ-k7e;2_Tar7aL8i]T$m+}>\(:%Ι%%
|~iZ:mMZjM.l1CҌCA>:O`+!tRT5fl?07
Aފ,.^CΪ&܂XIUSNa옕Ȱq=.x%M3(崈8DI wʟQ%"w|Si4Ec`6dj`=SZ\^
ĺNjvEaԕM.BuS({Qn ȩF6I'RT&)yZ@\љ7pB`~Ztng~ u^̶f盋J0v}Zno];8Q@MYldl[|-92 Ba08c771Ys*Z\Z_m2&{K\tU3\
4/Ύ f 8-DƔq+A.4d)H\XSؚ%YAIK))rB
$L
w.myTDE[mL";jvfc;ٝ\3EiWchr:EBd:ercceJjbNgZDO5Mmef8I$%B4.p
1hm&.[&e5ouky {wix#W6xfu#aʦ0f
/ר7c"4(C0?0|NDGr57\H'ƎCIzs!)JKT93b$Hz҈ei$s yШAK?;rlӪm#\@