GDP Italy 2022 increases from 2023 what happens

Italy’s GDP is – surprisingly – also growing in the third quarter of this year. According to Istat, the economy for the period grew by +0.5% compared to the previous quarter and by +2.6% compared to the same quarter of 2021. Still, looking at 2023 in our country, as over all of Europe, the clouds of decay are gathering.

The Parliamentary Budget Office forecast, made just two weeks ago, indicated a possible drop of -0.2%. The predictions would now be reversed. The growth already achieved for 2022 thus amounts to + 3.9%, against the + 3.3% indicated by Nadef, the Note to the document on the economy and finance. The latest figure, although decelerating from the previous quarter, is the seventh consecutive positive. After the crash due to the Covid pandemic, “the expansionary phase of GDP therefore continues for the seventh consecutive quarter. But decelerating compared to the second quarter of the year, ”they explain from Istat. As always, the provisional nature of this estimate is noted. A value which reflects, on the production side, a decline in agriculture and industry and a marked increase in services.

Photo Ansa

On the demand side, underlines the National Institute of Statistics, with regard to GDP “there is a positive contribution from the national component (gross of stocks). And a negative contribution from the net foreign component, following growth in imports exceeding that of exports. The “provisional figure” on third quarter GDP indicates an “increase still supported by the recovery of the services sector, the most affected by the pandemic”. This was stated by the governor of the Bank of Italy, Ignazio Visco, during the Savings Day. Visco argues that Italy’s growth “on the one hand leads to a mechanical increase in the rise in estimates. On the other hand, it calls for caution in indicating precise estimates in the context of great uncertainty such as the current one. »

GDP, Giorgetti: “Protect families and businesses”

On the occasion of World Savings Day, the new Minister of Economy, Giancarlo Giorgetti, also spoke on the theme of GDP and growth. “The greatest efforts are needed to protect the household and business economy from the serious emergencies of the present. In the conviction that in these years of uncertainty, we must protect the dignity and diligence of citizens and not the logic of debt and subsidies. And that businesses must be protected from price volatility and resource scarcity. Not only by ensuring the availability of liquidity, but also that this availability is accessible under the most advantageous conditions possible”.

From left to right, Giancarlo Giorgetti and Ignazio Visco. Photo Ansa / Ettore Ferrari

According to Giorgetti “it is necessary to adopt policies for the rapid fight against the inflationary phenomenon, capable of curbing the growth of the rise in prices, but above all of such a nature as to prevent this growth from being prolonged”. “A first lens through which to look optimistically at the growth prospects of our economy and our GDP in the difficult international context in which we find ourselves is linked to the implementation of the National Recovery and Resilience Plan (PNRR). These colossal resources will indeed make it possible to promote the ecological and digital transition, to relaunch growth and to improve social, territorial, generational and gender inclusion.

Giorgia Meloni. Photo Ansa / Angelo Carconi