Global economic slowdown continued in the final part of last year, affecting in particular the industrial sector and international demand.
In fourth quarter 2018, Italian GDP reported the second straight contraction, due to a further fall in domestic demand.
The labour market gave a basically steady picture of employment figures, in the face of slight improvements in unemployment.
Price deceleration continued, affected by falling energy costs. The inflation differential vis-à-vis the Euro area is widening again (Source: ISTAT – January 2019).
Against this market backdrop – which has a significant and direct impact on the Group’s segments of business – 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