Italy records 6.8% growth in 2022 GDP

24 Sep '23

2 min read

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Insights

Italy's GDP rose by 6.8 per cent in 2022, reaching €1,946,479 million. Investments and consumption also saw significant growth.
However, changes in inventories and net exports negatively impacted the GDP.
General Government's net borrowing improved slightly to -8.0 per cent of GDP.
ISTAT revised upward the 2021 growth rates but left the 2022 rate unchanged.

Italy's GDP at current prices rose by 6.8 per cent in 2022, reaching a total of €1,946,479 million, according to data from the Italian National Institute of Statistics (ISTAT). The chained volume measure of the GDP saw an increase of 3.7 per cent compared to the previous year.

Gross fixed capital formation, a measure of investments, increased in volume by 9.7 per cent. Final consumption expenditure grew by 3.9 per cent, while exports and imports surged by 9.9 per cent and 12.4 per cent respectively.

National demand, not accounting for changes in inventories, contributed 5.0 percentage points to GDP growth. However, the contributions of changes in inventories and net exports were negative, affecting the GDP by -0.8 and -0.5 percentage points respectively, ISTAT said in a media release.

The General Government's net borrowing for the year stood at -€156,442 million, which is -8.0 per cent of the GDP. This shows a slight improvement compared to -8.8 per cent in 2021. The primary balance, which excludes interest payments, was -3.8 per cent of the GDP, improving from -5.3 per cent in 2021.

ISTAT also made an upward revision for the 2021 growth rates at both current and constant prices, showing an increase of 2.1 and 1.3 percentage points respectively. The rate of growth for 2022 remains unchanged.

Fibre2Fashion News Desk (KD)

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