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Italie : une faible lueur au bout du tunnel

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  • Céline Antonin

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Fin 2012, l'Italie a réussi à ramener son déficit budgétaire à 3 % du PIB et à respecter ses engagements européens. La réduction du déficit est pourtant lente si l'on tient compte de l'ampleur de l'impulsion budgétaire : en raison d'un multiplicateur supérieur à 1, la réduction du déficit de 0,8 points en 2012 a nécessité une impulsion négative de 3 points de PIB. Ainsi, la purge budgétaire s'est faite au prix d'une forte récession : au deuxième trimestre 2013, l'Italie a enregistré son huitième trimestre consécutif de baisse du PIB. Au premier semestre 2013, la consommation privée a fortement chuté (-3,3 %) de même que l'investissement ; seule le commerce extérieur a permis d'amortir la baisse de PIB, mais seulement par le canal de la chute des importations (...).

Suggested Citation

  • Céline Antonin, 2013. "Italie : une faible lueur au bout du tunnel," SciencePo Working papers Main hal-01025081, HAL.
    • Handle: RePEc:hal:spmain:hal-01025081
    DOI: 10.3917/reof.130.0205
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01025081v1
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