意大利10年期政府债券收益率升至3.51%以上，因投资者对在乌克兰重新推动和平的情况下，整个欧元区的国防开支可能增加持乐观态度。英国首相基尔·斯塔默周日宣布，在美国总统特朗普和乌克兰总统泽连斯基上周在椭圆形办公室举行的一次特别会议上发生高调冲突后，英国和法国领导的“自愿联盟”将帮助结束冲突。此外，有报道称，德国基民盟/基社盟和社民党可能正在讨论为国防和基础设施设立一个特别基金。与此同时，投资者正密切关注欧洲央行周四的政策会议，预计政策制定者将连续第五次降息。在数据方面，意大利的预算赤字从2023年的7.2%缩小到GDP的3.4%，低于政府3.8%的目标。然而，公共债务从四年来的最低水平上升到GDP的135.3%。

Italy’s 10-year government bond yield rose above 3.51%, as investors were optimistic about a potential increase in defense spending across the Euro Area amid a renewed push for peace in Ukraine. UK Prime Minister Keir Starmer announced on Sunday a “coalition of the willing,” led by the UK and France, to help end the conflict, following a high-profile clash between US President Trump and Ukrainian President Zelenskyy during an extraordinary meeting at the Oval Office last week. In addition, reports surfaced that Germany's CDU/CSU and SPD are likely in discussions to create a special fund for defense and infrastructure. Meanwhile, investors are closely monitoring the ECB’s policy meeting on Thursday, where policymakers are expected to implement a fifth consecutive interest rate cut. On the data front, Italy’s budget deficit narrowed to 3.4% of GDP, down from 7.2% in 2023, and below the government’s target of 3.8%. However, public debt increased to 135.3% of GDP, up from a four-year low.

2024年，意大利政府预算赤字大幅下降至GDP的3.4%，低于2023年的7.2%，当时由于国家对房屋装修的昂贵激励措施而膨胀。赤字也低于政府3.8%的目标。然而，公共债务从2023年的134.6%升至GDP的135.3%，为四年来的最低水平。

Italy's government budget deficit fell sharply to 3.4% of GDP in 2024, down from 7.2% in 2023, when it was inflated by costly state incentives for home renovations. The deficit also came in below the government's target of 3.8%. However, public debt edged up to 135.3% of GDP, rising from 134.6% in 2023, a four-year low.

2024年，意大利国内生产总值增长了0.7%，与上一年相同，表明与早先的0.5%增长率相比有所上调，该增长率在一年中减少了四个工作日。与意大利银行预测的经济将增长0.5%相比，这一结果低于政府最初预测的1%，因为更高的电力成本侵蚀了家庭支出，部署欧盟疫情恢复资金的困难推迟了公共项目。家庭消费比上年增长0.4%，政府支出增长1.1%。与此同时，固定投资总额增长0.5%，净外部需求对GDP产生积极影响，出口增长0.4%，进口收缩0.7%。

The Italian gross domestic product grew by 0.7% in 2024, the same as the previous year, and indicating an upward revision from earlier aggregates that indicated a growth rate of 0.5%, which were adjusted for four less working days in the year. The result compared to the Bank of Italy’s forecast that the economy would expand by 0.5% but missed the government’s initial forecast of 1% as higher power costs eroded household spending and difficulties in deploying EU pandemic recovery funds delayed public projects. Household consumption rose by 0.4% from the previous year and government expenditure rose by a sharper 1.1%. In the meantime, gross fixed investment advanced by 0.5%, and net external demand had a positive impact on the GDP as exports rose by 0.4% and imports contracted by 0.7%.

HCOB意大利制造业采购经理人指数在2025年2月升至47.4，高于1月份的46.3，超过了市场预测的46.7。最新调查显示，尽管经济衰退是五个月来最温和的，但该行业在2月份仍持续下跌近一年。订单量急剧下降，但总体上与过去12个月的平均水平一致，反映了国内和国际市场的疲软状况。产出也进一步下降，但速度较慢。裁员速度加快至三个月高点，而采购活动进一步下降。在价格方面，成本压力有所增加，但随着制造商开始刺激需求，销售价格有所下降。更积极的是，意大利制造商的信心水平达到了自去年8月以来的最高水平。

The HCOB Italy Manufacturing PMI rose to 47.4 in February 2025, up from January's 46.3 and surpassing market forecasts of 46.7. The latest survey indicated the sector remained in decline for nearly a year in February, though the downturn was the mildest in five months. The decline in order book volumes was steep but generally consistent with the average over the past 12 months, reflecting weak market conditions both domestically and internationally. Output also declined further, but at a slower pace. The pace of job cuts accelerated to a three-month high, while purchasing activity saw a further decline. On the price front, cost pressures picked up, but selling prices were reduced as manufacturers set out to stimulate demand. More positively, the level of confidence among Italian manufacturers reached its highest since last August.