Italian macroeconomic data

Footnotes

[1]

Industrial production index, excluding constructions

[2]

Industrial production index - Italy NAS adopted a flexibility option

[3]

Change from previous period and change from same period of last year are in absolute value

[4]

Differences in sources as well as in methodology account for (not significant) discrepancies between net borrowing and balance, that, "ideally", should be equal and of opposite sign

[5]

Data include postal saving and the Treasury account with Bank of Italy

[6]

Data are affected by EUROSTAT decisions on securization operations of July 3, 2002

[7]

Data inserted in the past were different because taken directly from the tables of the quarterly bulletin "Relazione sulla stima del fabbisogno di cassa al ... e situazione di cassa al ...", that are referred to the Total net outstanding debt. Now, data are correctly referred to the Total gross outstanding debt

[8]

Securities issued in foreign markets, in compliance with UE methodology, are recorded after swaps

[9]

This value is composed of securities and loans as well. The added loans are the result of a recognitions of Laws which lay it down that the State is fully committed to paying the debt - interest and principal - on behalf of the final beneficiaries. Hence, it is consistent to regard all those loans as Central Government liabilities.

[10]

Following the transformation of Cassa Depositi e Prestiti (CDP) into a limited corporation (S.p.A.) from December 2003 the former Postal funding item has been split up into the above three different items in order to report the state sector liabilities more properly. In addition, following the wide modifications of the new CDP S.p.A., the data must be considered as provisional. This item includes both the Postal deposits, held by the new Cassa Depositi e Prestiti S.p.A. and other deposits held at the Treasury by institutional units not belonging to the state sector

[11]

The item related to "Other" has lately undergone some revisions. Initially, the debt issued by ISPA (Infrastrutture S.p.A.), both notes and funding loans, was included in this item. This debt, issued in the context of the construction of the high-speed railway, was rerouted to the central government sector following the June 2004 Eurostat decision; starting from this quarter, part of the debt related to funding loans has been moved from the item "Other" to the item "Foreign issues". The item "Other" also includes the loans granted by the Cassa Depositi e Prestiti to local Government (which are therefore assets of the new CDP) for which the Central Government is nevertheless fully committe

[12]

The residence criterion is "euro area". The domestic sector therefore comprises persons resident in Italy and in the other countries partecipating in the monetary union, the external sector persons not resident in the euro area.

[13]

From January 2002, with the start of the circulation of the euro, the national contributions to the euro-area monetary aggregates are defined excluding currency in circulation, as agreed by the Eurosystem.

[14]

Includes claims on non-financial public enterprises.

[15]

The residence criterion is "euro area". The domestic sector therefore comprises persons resident in Italy and in the other countries partecipating in the monetary union, the external sector persons not resident in the euro area.

[16]

The end-of-period stock may differ significantly from the statistical measure of the national contribution to euro-area 'base money', which is calculated as the average of daily stocks over the reserve requirements maintenance period and includes coins issued by the Treasury.

[17]

The currency in circulation component does not correspond to the actual circulation of banknotes within the domestic territory. According to the accounting regime chosen by the Eurosystem, it is a portion of the 92 percent of the value of the euro banknotes in circulation allocated to the NCBs, corresponding to the Bank of Italy's paid-up share in the ECB's capital.

[18]

Not applicable, as direct lending from the Bank of Italy to the government is not permitted under the terms of the Maastricht Treaty. Claims on general government originated before the start of stage two of monetary union are published by the Bank of Italy in the balance sheet aggregates under a separate item.

[19]

Includes loans in euros to financial institutions (mainly refinancing operations with credit institutions). There is no credit from the Bank of Italy to non-financial public enterprises. Claims in the form of securities and claims in foreign currencies to the non-government sector are not separately identifiable in the accounting scheme.

[20]

A sectoral breakdown for domestic credit is published, with a 1 month lag, in the Table "Summary data on resident Monetary Financial Institutions" (see: www.bancaditalia.it/statistiche/SDDS/stat_fin/Moneta_IFM/MON_IFM/MON_IFM_en.pdf).

[21]

This item includes gold and gold receivables, claims on non-euro-area residents, both in domestic and foreign currencies.

[22]

Includes counterparts to Special Drawing Rights and liabilities to non-euro-area resident (both in domestic and foreign currencies).

[23]

For data on short and long-term government securities based on yields at auction see http://bip.bancaditalia.it/4972unix/homebipentry.htm?dadove=corr&lang=eng; The Financial Market:(Tables) TDEE0120, TDEE0121,TDEE0122, TDEE0123, TAME0130, and TAME0280.

[24]

This item includes gold and gold receivables, claims on non-euro area residents denominated in foreign currency (bank accounts, securities and loans; claims on the IMF).

[25]

For the General government the distinction between money market instruments and bonds and notes is provisional and under revision.

[26]

The dissemination of data concerning exchange rates is within the sphere of competence of the ECB.