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Istat, GDP increases by 0.5% in the third quarter: + 2.6% over the year



Euro banknotes (generic) - Photo by Ansa FotoEuro banknotes (generic) – Photo by Ansa Foto

Italian GDP in the third half increased by 0.5% compared to the previous one and by 2.6% over the same quarter of 2021. The growth already achieved for 2022 thus amounts to 3.9%, compared to 3, 3% indicated by Nadef.

News from Istat, which writes in a press release: “In the third quarter of 2022, it is estimated that the gross domestic product (GDP), expressed in values ​​concatenated with the reference year 2015, corrected for calendar effects and seasonally adjusted, is up 0.5% from the previous quarter and 2.6% trend-wise”.

The Parliamentary Budget Office’s forecast two weeks ago pointed to a possible decline of 0.2%.

“The third quarter of 2022 had three working days more than the previous quarter and one working day less than the quarter of 2021,” explains Istat.

Imports increase

“The cyclical variation is the synthesis of a drop in added value both in the agriculture, forestry and fishing sector and in industry, while services recorded an increase. On the demand side, there is a positive contribution from the national component (gross of stocks) and a negative contribution from the net foreign component”, writes Istat again, specifying that the variation acquired for 2022 is equal to 3, 9%.

Italian economy grows by 0.5%

In the third quarter of the year, the Italian economy recorded growth of 0.5% in economic terms and 2.6% in trend terms. “The expansionary phase of GDP therefore continues for the seventh consecutive quarter, but decelerating compared to the second quarter of the year”.

Istat specifies “the provisional nature of this estimate, which reflects, on the production side, a decline in agriculture and industry and a marked increase in services. On the demand side, there is a positive contribution from the domestic component (gross of inventories) and a negative contribution from the net foreign component, following higher import growth than export growth.

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