by Umberto Marengo

Italy's export increased by 11% from 2011 to July 2015. This provided an important lifeline to the Italian economy in the second phase of its double dip recession from 2011 to 2014. The drivers of Italy's positive export performance were essentially three: the global economic recovery, domestic wage compression and price deflation for certain products, and the depreciation of the euro.

Although the Chinese Central Bank decided to depreciate its currency by 3% last August, from 2011 to July 2015 the Renminbi had already appreciated by 30% against the euro. The US dollar had also appreciated by 15% over the euro over the same period.

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Fonte: Italy24