The preliminary GDP forecast provides encouraging signs on the state of the economy. Italian exports continue to perform well against a background of strong growth in world trade, although output in the manufacturing sector shows some signs of slowing down. Still, Italy’s recovery remains weaker than in other major European countries, and shows the persisting structural gap that is hard to fill in the short term. On the economic front, Italian confidence indexes show mixed and volatile trends. Public debt remains high, while the unemployment rate has improved slightly.

Against this market backdrop – which has a significant and direct impact on the sectors of business in which the Group operates – a contraction in the advertising and circulation market is the main external risk according to the latest Risk Assessment.

Main risksMitigating actions
Downturn of the advertising and circulation market Portfolio innovation, focusing on the development of websites, integrated communication platforms and events
Relevant market trends may reverberate on Group performanceOngoing 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