Avviso

Dal 1° gennaio 2024 diventa operativa l'incorporazione di SOSE in Sogei, come previsto dalla legge n.112 del 2023 che ha disposto la fusione della società.

A tal fine tutte le comunicazioni Sose si trovano sul sito Sogei www.sogei.it

 

 

Inflation in the Eurozone will drop during 2022, and when the conditions of our forward guidance are satisfied, we will not hesitate to act "to ensure inflation control and price stability. 

Christine Lagarde, President of the European Central Bank. 

 

The debate of ideas 

 

Irpef (Income Tax on Natural Persons): testing a structural reform 

The budget law anticipates the IRPEF reform. In October, the Council of Ministers approved the proposal for an enabling law to reform the Italian tax system, currently being examined by Parliament. Later, preparing the 2022 budget law, the government decided to invest 8 billion in the first module of the reform to anticipate part of the effects to next year, instead of waiting for the law's approval and the implementing decrees. Of course, this intervention represents the first phase of the fiscal reform and must comply with its principles and objectives. More information on the LaVoce.info website 

Supply and demand on the labour market: a difficult match 

The misalignment between supply and demand in the job market is not just a question of a growing need and an increasing lack of workers and skills. The occupational mismatch is a more complicated problem involving many other elements. Of course, if the "inefficiency" in bringing together supply and demand persists (and grows with the green and digital transition), the ambitious investment plans of the National Recovery and Resilience Plan would be at risk. For this reason, the resources and strategies for employment and training are fundamental. However, the good or bad use of those funds is far more important than the resources themselves and will give structural and long-term responses. Here to learn more. 

Measuring well-being in a new way 

For over fifty years, the international debate has focused on "exceeding GDP" as the only indicator for measuring well-being, considering that the parameters to evaluate the progress of a society cannot be exclusively economic. Still, they must also consider the fundamental social and environmental dimensions of well-being, measuring inequality and sustainability. So, if GDP is no longer sufficient to measure the well-being of a society, it is necessary to consider other indicators capturing the multidimensional aspect of wealth. Here for more information. 

Studies, research and numbers 

 

Istat: industrial producer prices on the rise in October 

In October, industrial producer prices grew by 7.1% on a monthly basis and by 20.4% on an annual basis. Istat highlights that "the strong growth in industrial producer prices is driven by the increasing prices of energy products, electricity and gas, particularly on the domestic market". Prices increased by 9.4% compared to September and by 25.3% on an annual basis. Excluding the energy sector, the growth in prices decreases to + 0.5% on a monthly basis and to + 8.2% on an annual basis. On the non-domestic market, prices increased by 0.8% on a monthly basis in both euro and non-euro areas and by 8.3% on an annual basis (+ 8.9% in the euro area, +7.8 % in the non-euro area). Finally, in the quarter August-October 2021, industrial producer prices grew by 6.5% compared to the previous three months, more on the domestic market (+ 7.9%) than on the non-domestic market (+ 2.5%). Here for more information. 

Confindustria: GDP rebound in the third quarter with + 6.3% 

Confindustria estimates a GDP of 6.3-6.4% for 2021. This optimistic forecast exceeds the 6% indicated by the update Note of the DEF (prudential) and the 6.2% anticipated by Minister Franco, based on the "robust rebound of the third quarter "and on" improved data for the first ". According to the latest" Congiuntura flash "of the Confindustria Study Centre (CSC)", GDP will return to pre-Covid levels in the first quarter of 2022 driven by private consumption that is expected to rise further in the third and fourth quarters thanks to increasing consumer confidence. Businesses are also recovering, as confirmed by the increase in investments and employment. On the other hand, the Italian export of goods slows down. The "high energy prices act as a brake" on businesses and families: electricity and gas for households increased by 4.5%, fuel for transport by 3.8%. CSC points out that energy accounts for 8.3% of the consumption basket. Here for more information. 

Eurostat: R&D expenditure in the EU at 2.3% of GDP in 2020 

In 2020, EU Member States spent around € 311 billion on research and development (R&D), a decrease of 1 billion euros compared to 2019 (312 billion euros). R&D intensity, i.e. R&D expenditure as a percentage of GDP, stood at 2.3% in 2020, compared to 2.2% in 2019. However, this slight increase is due to a decrease in GDP due to the COVID-19 pandemic. Ten years earlier (2010), R&D intensity was 2.0%. Eurostat highlights that R&D is a major driver of innovation, and R&D expenditure and intensity are two of the key indicators used to monitor the resources dedicated to science and technology worldwide. In 2020, Belgium and Sweden recorded the highest R&D intensity (3.5% of GDP), followed by Austria (3.2%) and Germany (3.1%). Italy ranks 15th, below the EU average, after Greece and before Spain. Here to learn more. 

The Bank of Italy: the (unexpected) impact of Covid-19 on VAT revenue 

In the first half of this year, household consumption increased by 5% compared to the same period of 2020, while the VAT revenue, net of the effects of the suspension of payments during 2020, grew by about 14%. The difference between these trends is probably due to a significant recovery in private investments, the effect of which was negligible in 2020. The latest "Covid Note -19 ", entitled "The (unexpected) impact of Covid-19 on VAT revenue " by the Bank of Italy, reveals these results. The relatively favourable trend in VAT revenue during the Covid-19 crisis appears to be closely connected with the peculiarities of the crisis: the sharp reduction in spending on services and the increase in transactions with electronic money. In 2020, household final consumption expenditure fell by 11%. Here the Note by the Bank of Italy. 

Istat: fewer residents, more elderly, smaller families 

The demographic projections in Italy outline a "potential crisis": the resident population is decreasing, from 59.6 million on January 1, 2020, to 58 million in 2030, to 54.1 million in 2050 and 47.6 million in 2070. Young and elderly will be in a ratio of 1 to 3 in 2050, while the working-age population will drop from 63.8% to 53.3% of the total in 30 years. 2048 could be the year in which deaths could double live births, 784 thousand against 391 thousand. In the next 10 years, 81% of municipalities will face a demographic decline, 87% in rural areas. The number of households is also expected to grow but with an ever-smaller average number of members. Fewer couples with children, more childless couples: by 2040, one in four families will be made up of a couple with children, more than one in five will be childless. Istat reveals these results in the report "Households and population projections". Here the Note by Istat. 

Istat: turnover in services returns to pre-pandemic levels 

In the third quarter of 2021, the seasonally adjusted index of services turnover grew by 3.7% compared to the previous quarter (after + 5.3% in the second quarter). This third consecutive increase brings, for the first time, the index above the value recorded in the fourth quarter of 2019 (the last one before the pandemic crisis). However, the National Institute of Statistics highlights a marked differentiation between the sectors compared to the pre-Covid period: travel agencies and business support services, professional, scientific and technical activities and accommodation and catering services record turnovers below pre-crisis levels. Moreover, in the third quarter of 2021, accommodation and food service activities also recorded a strong economic increase (+ 71.2%). Here the Note by Istat. 

Allianz: Construction companies will see robust growth and "new age" risks post-Covid 

The current shortage of materials and skilled labour adds to the long-term challenges around new designs, materials and building methods driven by sustainability and "net zero" strategies. The top causes of 11 billion worth of construction and engineering claims in 5 years are fire and explosion (26%), faulty design/poor workmanship (20%) and natural hazards (20%). Construction companies need to improve cyber resilience and protect building sites from flash flooding and other extreme weather events driven by climate changes. Here to learn more. 

Istat: in the 3rd quarter, Italian GDP records + 2.6% 

In the third quarter of this year, the seasonally and calendar adjusted GDP increased by 2.6% compared to the previous quarter and by 3.9% compared to the third quarter of 2020 (the previous estimate was + 3.8%). Istat highlights that the third quarter of 2021 had three more working days than the previous quarter and the same number of working days of the third quarter of 2020. The carry-over annual GDP growth for 2021 is equal to 6.2 per cent. Compared to the previous quarter, final consumption expenditure increased by 2.2 per cent, gross fixed capital formation by 1.6 per cent, imports and exports by 2.1 per cent and 3.4 per cent, respectively. Worked Hours grew by 1.4% on a monthly basis, job vacancies by 0.2%, while per capita incomes increased by 0.5%. Here the Note by Istat. 

IHS Markit PMI: manufacturing growth stabilises in the eurozone while companies battle with harsh supply headwinds

The IHS Markit Eurozone Manufacturing PMI increased from 58.3 in October to 58.4 in November, marking the first rise in the headline index since June, slightly below the previous flash estimate of 58.6. As the latest PMI data showed, the eurozone manufacturing sector growth stabilised following the four-month slowdown from the record expansion in June. However, factory operations across the euro area continued to be hindered by severe supply-related constraints. Eurozone countries continued to report strong expansion rates in November. Italy was the clear stand-out performer, with growth here accelerating to a survey high, surpassing the previous peak set in May and the improvements seen in other nations. Here for more information. 

OECD: Italy's GDP will increase by 6.3% this year but will drop in 2022-2023  

According to OECD "Economic Outlook" report, Italy's strong 6.3% recovery in 2021 will gradually decrease to 4.6% in 2022 and 2.6% in 2023. Globally, GDP will drop to 4.5% in 2022 and 3.2% in 2023. Italy's unemployment rate will drop from 9.6% in 2021 to 8.9% in 2022 to 8.4% in 2023. Italian public debt is also expected to decrease from 154.6% of GDP in 2021 to 150.4% in 2022 to 148.6% in 2023. "The implementation of structural reforms to digitize and simplify justice, increase competition, especially in services, and improve the effectiveness of the public administration remain crucial for Italy, together with the tax reform to reduce the wedge and complexity of labour taxes", the report reads. Here to learn more. 

IHS Markit PMI: new record performance for Italian manufacturing in November 

The PMI (Purchasing Managers Index), developed by IHS Markit, recorded an improvement in the health sector for the seventeenth consecutive month: the index rose from 61.1 in October to a survey high of 62.8 in November. The IHS Markit Eurozone Manufacturing PMI rose to 58.4 in November from 58.3 in October, marking the first increase since June, slightly lower than the previous flash estimate of 58.6. However, the latest figures signalled the second slowest expansion since February. All the eurozone countries reported strong expansion rates in November, including Italy. Here to learn more. 

Intesa Sanpaolo: small and medium-sized enterprises are decisive to restart Italy 

Small and medium-sized enterprises represent the engine of the economy and play the leading role in the country's economic recovery. This snapshot emerges from the digital tour 'Imprese vincenti 2021', created by Intesa Sanpaolo to enhance Italian small and medium-sized enterprises. The event highlighted the wealth of Italian small and medium-sized enterprises, which are fundamental for the vitality of the production system, especially in the delicate phase to face the pandemic and relaunch the productivity of "Made in Italy" supply chains and districts. The 2021 edition of "Impresi vincenti" helped to highlight companies' features that, in various sectors and with different business histories, allowed to increase productivity or respond to the crisis by implementing effective development strategies. The value of SMEs in many production chains and industrial districts emerged from the experiences reported by small entrepreneurs and large companies. Here to learn more. 

CRIF-Nomisma: only 62% of SMEs have insurance coverage 

Only 62% of Italian SMEs currently have insurance coverage, although the perception of risk has increased for 7 out of 10 companies in the last year. The whole segment of Italian small and medium-sized enterprises, including 4.35 million companies equal to 99.3% of the businesses with a strategic role in the country's socio-economic fabric, is strongly underinsured. One million and 653 thousand of these companies (or 38% of the analysed sample ) do not have insurance coverage. According to the study "Next Level for Insurance - SME segment" carried out by CRIF, IIA - Italian Insurtech Association and Nomisma, this underinsured segment suffers a widespread tendency to "sign few insurance contracts": 71% of SMEs have a third-party liability insurance, 64% fire insurance, 56% theft insurance, and only 39% have civil liability insurance for their managers. Here to learn more. 

Svimez: growthin the South is still too slow 

Between 2021 and 2024, GDP in the South will grow by 12.4%, while in the Centre-North, the increase will be 15.6%. In 2021, + 6.8% in the Centre-North and + 5% in the South. This snapshot emerges from the Annual Report on the state of the economy and society of Southern Italy by Svimez (the Association for the development of industry in Southern Italy). According to the study, the South participates in the general economic recovery but is less reactive than the North due to a gap that is still too wide. The future growth of the South hinges entirely on the effect of the NRP measures. The boost will be effective if the funds for the South are spent entirely (40%) and if public investments improve production capacity capable of intercepting a more significant share of domestic and foreign demand. Here for more information. 

VAT: Italy, first in the EU for evasion, loses over 30 billion 

In 2019, Italy was confirmed first in the EU for VAT evasion in nominal value, losing 30.1 billion euros, while it is fifth for the largest gap between expected and collected revenues with 21.3%, followed only by Romania (34.9%), Greece (25.8%), Malta (23.5%) and Lithuania (21.4%). These are the results of the EU Commission's VAT Report. In general, the European Union lost 134 billion in 2019, an improvement compared to 2018 but with the unknown Covid-19 impact on VAT revenues for 2020. Following continued efforts to improve the situation at the EU and national levels, the relative positive trend continued in 2019. The overall VAT Gap in the EU Member States decreased by around €7 billion compared to the previous year. Here and here to learn more. 

CRIF: in November, a sharp increase in lending to households and loan requests (+ 43.0%) but mortgages still slowed down (-13.1%) 

In November, Crif recorded strong growth (+ 43%) in loan requests (personal and special purpose), but mortgages still slowed down, decreasing by 13.1%. The demand for loans is driven by young people who enter the credit market by requesting mainly small and short-term loans, the so-called "new to credit". CRIF underlines: "Considering the last month, the volumes of loan requests by households recorded a robust increase above all for the purchase of goods and services". Furthermore, the incentives launched by the Government to stimulate the purchase of a home by under 35s continue to support the mortgage market as well, accounting for 30.2% of total requests compared to 27.5% of last year. Here an insight. 

Osservatorio Isnet: The recovery of social enterprises, jobs up by 5.5%, revenues by 4.7% 

The annual report Osservatorio Isnet focuses on the economic outlook, employment and innovative capacity with reference to the NRP and social impact companies. After the problems caused by the pandemic, the economy and employment are returning to the levels before the health emergency. The interviewed companies declare an increase of 4.7% in revenues and 5.5% in new jobs. This increase for social enterprises operating in social and health care is even more marked (+ 7.7% in revenues, + 9.1 increase in jobs). According to Osservatorio ISNET, the emergency has favoured some areas of activity while others have suffered more the consequences of the social distancing measures and closures. Here for more information. 

OECD: inflation rebounds to 5.2% in October

Inflation in the OECD area reached an all-time high. Energy prices also increased and achieved the highest rate since 1980. According to OECD, the inflation rate was 5.2% in October compared to 4.6% in September and 1.2% in October 2020. The sharp increase of 24.2% in energy prices favoured its acceleration. In the euro area, inflation increased to 4.1% in October against 3.4% in September. However, it remained below the OECD average and lower than in the United States, where inflation jumped to 6.2%. The price index rose to 3% in Italy: energy was the main driver and contributed 2.1 points. Here to learn more. 

Eurostat: industrial producer prices up by 5.4% in the euro area and by 5.0% in the EU 

In October, industrial producer prices rose by 5.4% compared to + 2.8% in the previous month and + 3.5% of analysts' estimates. According to the Statistical Office of the European Union (Eurostat), the increase was 21.9% on an annual basis compared to 16.1% last year and to + 19% of analysts' estimates.  In the European Union (EU27), prices also grew by 5% on a monthly basis and 21.7% on an annual basis. Here the Eurostat Press Releases section. 

Istat: + 35 thousand employed in October. More unemployed, but less inactive. Self-employed still in difficulty. Female employment is stable

The employed and the unemployed increased in October, compared to the previous month, while the inactive decreased. Employment increased by 35,000 units and involved only men, people aged 15-24 and over50. Istat estimates that the employment rate rose to 58.6% (+0.1 points). The increase of unemployed people (+ 2.2%, equal to +51,000 units compared to September) concerned both men and women, and only people aged over 24. According to Istat, the growth in employment recorded in September continues in October with more than 140,000 workers in two months; compared to January 2021, the increase exceeds 600 thousand units and involves only employees. The situation is still complex for the self-employed: -9 thousand units on an monthly basis, -132 thousand on an annual basis. Here the Note by Istat. 

IHS Markit: The Italian service sector continued to expand during November

According to the latest PMI data, the Italian services sector recorded a new expansion. The composite index grew from 52.4 in October to 55.9 in November, signalling the seventh consecutive monthly uplift in services output and the sharpest since August. Companies have seen stronger demand and took on staff at the quickest rate for four months, although capacity pressures remained among the strongest on record. Here to learn more. 

Censis, poverty on the rise 

In 2020, 2 million Italian families lived in absolute poverty, with a significant increase of 104.8% compared to 2010, when they were 980,000. The growth is significant above all in the North (+ 131.4%), compared to the areas of the Centre (+ 67.6%) and the South (+ 93.8%). 65% of the families that fell into absolute poverty during the first year of the pandemic reside in the North, 21% in the South and 14% in the Centre. The 55th Censis report, which focuses on the many aspects of Italian daily life and its critical issues, reveals these data and launches a clear message: "Italian society has changed and has experienced crises and emergencies. Now it is not enough adapting to changes. Our institutional system must rethink itself, our society can recover quicker by projects than by spontaneous evolution ", the report reads." Now we need a serious plan", "structural reforms," and "public interventions" supported by "courageous choices". Here to learn more. 

The voice of Stakeholders 

 

Confartigianato: in October 2021, the prices of electricity and gas reached all-time highs: from 2019 + 9.3% per year, Italy ranks 3rd in the Eurozone 

In Italy, electricity and gas prices have reached historic highs, contributing 2.1 percentage points to the growth in inflation (of which 1.2 points derive exclusively from electricity and gas), estimated by Istat at + 3.8% on an annual basis. Furthermore, again in Italy, the prices of energy products grow at a yearly rate of 9.3%, 2.5 points higher than the + 6.8% of the Eurozone: this is the sharpest increase in the area, after Spain (+ 16.2%) and Belgium (+ 13.8%), while France (+ 6.8%) and especially Germany (+ 2.8%) record a more moderate increase. Compared to OECD countries, electricity and gas prices rose more in Italy and the Eurozone than in the United Kingdom (+ 6.0%) and the United States (+ 6.4%). These data emerge from the report "'Imprese ed energia (Business and energy)" carried out by the Confartigianato Research Department. Here the Note by Confartigianato. 

Confcommercio: increasing inflation endangers the recovery  

According to the Confcommercio Research Department, the latest inflation data published by Istat and Eurostat (worse than the estimates released by the same confederation) represent a real alarm for Italy's economic recovery. "The phenomenon, which many considered as temporary, is acquiring characteristics that are unlikely to be reabsorbed in the short term". The considerable inflationary growth coming from energy products, Confcommercio explains, and the scarcity of raw materials and supplies concerning some sectors begins to affect others. Here to learn more. 

Confesercenti: "Growth continues, but energy and fourth pandemic wave weigh heavily on recovery" 

According to the Confesercenti Economic Office, the high energy costs and the spread of the fourth pandemic wave cast a shadow over the Italian economic recovery. According to the confederation, Istat data generate concern, although household spending continues to drive growth above expectations. The further acceleration of inflation on an annual basis is mainly due to the prices of energy products (30.7%), especially the unregulated component. Confesercenti highlights that this dynamic reduces purchasing power and slowdowns household spending. Here to learn more. 

Innovation 

 

Banca Ifis Market Watch: SMEs look for new skills to grow 

In the two years 2019-2021, 83% of small and medium-sized enterprises needed staff with innovative skills, and 58% of them did not find it. The Market Watch Pmi, created by Banca Ifis, reveals this snapshot, highlighting the skills most requested by businesses: 59% of SMEs need skills related to production techniques specific to their sector; 28% are looking for collaborators able to manage digital solutions and about a quarter (24%) subjects specialized in industry 4.0; finally, 8% require experts in the Smac technologies (social, mobile, analytics, cloud). However, a mismatch between supply and demand emerges in technical-digital skills. 58% of companies that consider new skills necessary in the production sector have not found the required profiles, and 37% consider new management skills in the 4.0 industry fundamental. Here for more information. 

Funds for creative SMEs, Mise allocates 40 million 

Mise established a fund of 40 million euro for the two years 2021 and 2022 (20 million euro for each year) for small and medium-sized enterprises. The goal is to promote new entrepreneurship and development in the culture and art, music and audio sectors through grants, acquisition of equity capital and subsidized loans. The funds will be allocated to purchase innovative machinery, specialized services, and enhance patents. It will be operational with the signing of the decree by minister Giancarlo Giorgetti and the Minister of Culture Dario Franceschini and sent to the Court of Auditors for registration. Here the Note by Mise. 

Open insurance: companies increase by 426% in three years 

According to the Italian Insurtech Association, in the first half of 2021, companies of other sectors that sell insurances increased by 426% compared to the first six months of 2018. The association surveyed 23 companies of different sectors that had sold policies to 219,000 insured persons in the previous 12 months. In June of this year, the number exceeded 120, equal to 811,000 insured persons, and is expected to increase tenfold within 2025. Here to learn more. 

E-procurement in Italy: a digital revolution 

AGID, together with Anac and Consip, presented to the European Commission the progress achieved in Italy in recent years in the field of e-procurement. E-procurement promotes the public demand for innovation aiming at simplifying, digitising, and enhancing transparency in the procedures for the awarding and management of public contracts. This digital revolution in the sector has allowed a 15-fold increase in electronic tenders in the last 4 years and a 50% reduction in the timing of contracting procedures. Here to learn more. 

Italian startups: in 2021, funding will double and exceed 1.4 billion 

In 2021, the total investments in Equity of Italian hi-tech startups amounted to 1,461 billion euros, more than double (+ 118%) compared to 2020 (669 million euros). This figure represents an epochal transition for the sector and, for the first time, exceeds the threshold of one billion euros in annual investments, showing unprecedented yearly growth. The contribution of foreign investors in 2021 was decisive for Italian startups. Their investments increased from 130 million euros in 2020 to over 435 million this year from the United States (74%), Europe (25%) and Asia (0.43%). Equity crowdfunding continues to increase to 130 million euros (+ 28%) in 2021 from 101 million last year. These results emerge from an analysis by the Hi-tech Startup Observatory of the School of Management of the Politecnico di Milano in collaboration with InnovUp-Italian innovation & Startup Ecosystem. Here to learn more. 

Italy launches a national strategy for Artificial Intelligence

Italy has adopted the Strategic Program for Artificial Intelligence (IA) 2022-2024, the result of the joint work of the Ministry of University and Research, the Ministry of Economic Development and the Minister for Technological Innovation and Digital Transition supported by the working group on the National Strategy for Artificial Intelligence. In line with the European Strategy, the program outlines twenty-four policies to be implemented over the next three years to enhance the AI system in Italy through the creation and enhancement of skills, research, development programs and AI applications. These policies aim to make Italy a globally competitive centre on artificial intelligence by strengthening research and encouraging technology transfer. Here to learn more. 

Gender equity 

"Gender equality": the Law amending the National Code in Legislative Decree n. 198/2006 was published in the Official Gazette

Law no. 162 (text below) of 5 November 2021 was published in the Official Gazette of 18 November. It amends the code contained in legislative decree no. 198/2006, and other provisions on equal opportunities between men and women in the workplace. The reform will come into force on 3 December and includes important innovations widening the hypothesis of gender discrimination, requiring companies’ greater transparency on staff remuneration, introducing a bonus system to prevent potential pay gaps, and promoting a culture of equal opportunities. Here to learn more. 

CNEL (National Council for Economics and Labor): only 48% of contracts contain equal opportunity clauses 

Collective bargaining agreements, including an equal opportunity clause, amount to 48%. 92% contain clauses on social security (disability funds, unemployment support) and pensions (of these, 86% refer to pension funds). 98% of contracts have clauses on parental rights. Still, the right to paternity (other than the parental leave/maternity leave in the absence of the mother) is less widespread (39%). This emerges from the analysis conducted by CNEL on a sample of 90 Italian employment contracts as part of the European project COLBAR, acronym of "EUROPE-wide analyzes of COLlective BARgaining agreements". Here for more information. 

 

Local Authorities 

 

NRRP, the first calls for the education sector: 5.2 billion for kindergartens, new schools, canteens, gyms, extraordinary maintenance 

The Ministers of Education, Patrizio Bianchi, for the South and Territorial Cohesion, Mara Carfagna, and for Equal Opportunities and the Family, Elena Bonetti, presented the draft decree that allocates the first 5,210 million euros of NRRP to the world of school. 49.2% of these resources, equal to over 2,560 million euros, will be allocated to the schools in the South. But the "South share" on priority objectives, such as creating new nurseries and promoting full time in primary school, exceeds 55% and 57%, respectively. Here the Note by Miur. 

The world of MEF 

 

Mef: Credit and liquidity for households and businesses 

According to preliminary estimates, on 19 November, moratoriums are still active for a total value of approximately 60 billion, equal to 22% of all the moratoriums granted since March 2020 (about 270 billion) based on approximately 537 thousand applications by households and businesses. Requests for guarantees on new bank loans for micro, small and medium-sized enterprises submitted to the Guarantee Fund for SMEs amounted to 213 billion. The loans guaranteed through the "Garanzia Italia" fund of Sace amount to 30.5 billion euros, out of 3822 requests received. The active moratoriums granted to non-financial companies account for approximately 48 billion. As for SMEs, suspensions are still active under art. 56 of the Legislative Decree 'Cura Italia' for about 46 billion. These are the main results of the survey carried out by the task force set up to promote the implementation of the measures to support liquidity adopted by the Government during the Covid-19 emergency. The task force includes the Ministry of Economy and Finance, the Ministry of Economic Development, the Bank of Italy, the Italian Banking Association, Mediocredito Centrale and Sace. Here the press release by Mef. 

Mef: in November 2021, the state sector working balance shows a borrowing requirement of 9.7 billion euros 

In November 2021, the State Sector working balance is provisionally estimated at -9,700 million euros, with an improvement of about Euro 7,600 million compared to the corresponding month of 2020 (-17,278 million Euros). In the first eleven months of the current year, the working balance is estimated at Euro -102,900 million, improving by about Euro 52,500 million compared to January-November 2020 (-155,432 million Euros). Mef highlights that compared to the corresponding month of 2020, the State working balance benefited from the increase in fiscal revenues due to favourable cyclical effects and higher revenues for VAT on imports. Here the press release by Mef. 

The Revenue Agency: house market up by 21.9%, manufacturing nearly 50%. Non-residential and production sectors grow by 47% 

In the third quarter of 2021, the Real Estate Market Observatory of the Revenue Agency recorded an increase in house sales of nearly 22% compared to the same quarter of 2020, with a total of over 172 thousand units purchased and of 25.5% compared to the same quarter of 2019 (year not affected by the pandemic). The tertiary sector is also recovering with an increase of 26.9%, while the growth in the production sector exceeds 47%. Here the press release by the Revenue Agency.