NATIONAL ACCOUNTS - YEARS 2020- 2022

The data presented here incorporate the revision of the annual national accounts for the three-year period 2020-2022, carried out to take into account the information acquired by Istat after the estimate published last April. In particular, the estimates for the year 2021 incorporate the final data on the economic results of companies and the complete data on employment. In 2022, GDP at market prices amounted to 1,946,479 million euros, with an upward revision of 37,325 million compared to last April's estimate. For 2021, the level of GDP is revised upwards by 34,670 million euros. In 2022, the rate of change of GDP in volume is 3.7%, unchanged from the April estimate. Based on the new data, GDP in volume increased by 8.3% in 2021, up 1.3 percentage points from the April estimate. In 2022, gross fixed capital formation increased in volume by 9.7%, domestic final consumption by 3.9%, exports of goods and services by 9.9% and imports by 12.4%. Value added in volume terms in 2022 decreased by 0.2% in industry in the strict sense and by 2.1% in agriculture, forestry and fisheries, while it increased by 10.1% in construction and 4.5% in the service sector. The net borrowing of general government to GDP in 2022 was -8.0% (-8.8% in 2021), unchanged from the estimate published in April. The primary balance (net borrowing minus interest expense) is equal to -3.8% of GDP. 

Analysis 

The updated estimate of the national economic accounts confirms the GDP growth rate in volume in 2022, equal to 3.7%, compared to a growth of 8.3% in 2021, up 1.3 percentage points compared to the estimates released in April 2022 (see the Information Note attached to this press release). On the demand side, domestic demand drove GDP growth in 2022, while foreign demand and changes in inventories made negative contributions. On the supply side of goods and services, the contraction in agriculture and the substantial increases in value added in construction and in most service sectors are confirmed. The net debt of the general government was equal to -8% of GDP, an improvement compared to 2021, mainly due to the good trend in revenues and the more limited increase in expenditure.

F.D.T. CONSULTING