As reported in the interim of its 2011 Economic Outlook, the OECD estimates that the Italian economy will grow by 0.3% in the second quarter of 2011 compared to the previous three months, an annualized growth rate of 1.3%. This is an increase compared to +1.1% per annum in the first quarter, but a slowdown compared to 2.1% in the second quarter of 2010.
In the first quarter GDP growth compared to the previous three months was 0.6%, much better than the +0.5% per annum in the fourth quarter of 2010, but slower than the +2.1% in first quarter 2010. As for the economy of advanced countries, there is a clear improvement of the economic recovery, with growth rates of GDP in the first half of 2011 around 3% on an annual basis, excluding Japan. The risk remains related to the tensions in the Middle East, to increases in oil and to debt in Europe, but at the same time the budgets of non-financial companies are "very solid", and despite high unemployment "labor markets appear in better condition than a few months ago".