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2.4 EUROPE--Italy
2017/11/20
According to the latest data published in September by the ISTAT, Italian National Institute of Statistics, Italy’s GDP increased by 0.4% in the second quarter of 2017 with respect to the first quarter of 2017 and by 1.5% in comparison with the second quarter of 2016. Unemployment rate dropped to 11.7% in 2016 from 11.9% in 2015 and is expected to continue to decline to 11.4% in 2017, suggesting a slow economic recovery. However, there are signs of consumer prices increasing by a rate of 1.5% in 2017.
 
Italy, the second largest chiller and air-side market of Europe, was worth US$ 370 million in 2016, which has represented growth of 2%. The current BSRIA analysis does not include smaller capacity heat pumps designed for heating, mostly below 17.5 kW, which performed well in the last years due to the government incentives.
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