Having exited a short-lived technical recession in 2H18 with a meagre 0.1% quarter-on-quarter GDP growth rate in 1Q19, the Italian economy is still struggling to find firmer ground. The 1Q19 expansion was built on a 0.5% net export drive, supported by import hoarding in the UK ahead of the March Brexit deadline, which is unlikely to be repeated. Equally, Istat's inventory report suggests that the marked 0.7% inventory drag is not sustainable. Meanwhile, domestic demand ex inventories has chugged along with private consumption and gross fixed capital formation together adding 0.2% to quarterly growth. The data flow on ... (full story)