According to preliminary estimates, GDP growth was slower in the second quarter than in the first, both in Europe and in Italy. In Italy, the behaviour of the main macroeconomic variables and business investment intentions point to an acceleration in activity in the second half of the year. Credit continued to grow at a rapid pace in the first half of this year.
The rate of increase in lending to the building industry remains high. Consumer credit is tending to expand for structural reasons. Loans to firms are growing faster than GDP. The increase in lending in the twelve months ending in May was 3.7 per cent nationally and 6.5 per cent in the South.