Preliminary estimates on GDP point to an approximately one percentage point increase in 2016, offering encouraging signs on the economy, thanks also to the positive figures from the manufacturing sector, coupled with improved household purchasing power and increased investments. Still, Italy’s recovery remains weaker than in other major European countries, and shows the existence of a structural gap that is hard to fill in the short term, especially in light of the modest growth forecasts for 2017 (consensus below 1%).

On the economic front, Italian confidence indexes show mixed trends, mainly negative with the exception of business confidence. The public debt is on the rise.

Against this market backdrop, which has a significant direct impact on the Group’s core segments, relevant market trends still continue to be the main risk being faced.

Main risksMitigating actions
Relevant market trends may reverberate on Group performance.Ongoing focus on product quality and innovation of the publishing offering also through targeted integration strategies with the development of digital activities, concentrating on the power and value of essential assets like the brand and contents.