摘要：In the fi rst half of 2007 the
Italian GDP grew at an
estimated annualized rate
of 1.5 per cent, a pace in
line with the present
potential growth rate of the economy.
Economic activity was aff ected in the fi rst quarter
by the international slowdown, in particular in
Germany, where expansion was curbed by the new,
higher VAT rates. Given essentially fl at domestic
demand due to the sharply negative contribution
of stocks the deceleration of Italy’s GDP was
determined chiefl y by slower export growth after
the sharp expansion of the fourth quarter of 2006
(Table 2), confi rming the heavy dependence of
the Italian cyclical upswing on trends in foreign
demand (Figure 14).
