NATIONAL ECONOMIC ACCOUNTS - YEARS 2020- 2022

The data presented here incorporates the revision of the annual national accounts relating to 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 definitive data on the economic results of companies and complete data relating to employment. In 2022, GDP at market prices is equal to 1,946,479 million current euros, with an upward revision of 37,325 million compared to last April's estimate. For 2021 the GDP level is revised upwards by 34,670 million euros. In 2022 the rate of change in GDP in volume is 3.7%, unchanged compared to the April estimate. Based on the new data, GDP in volume increased by 8.3% in 2021, up 1.3 percentage points compared to the April estimate. In 2022, gross fixed investments increased in volume by 9.7%, national final consumption by 3.9%, exports of goods and services by 9.9% and imports by 12.4%. Value added in volume in 2022 decreased by 0.2% in industry excluding construction and by 2.1% in agriculture, forestry and fishing, while it increased by 10.1% in construction and by 4. 5% in the service sector. The net debt of public administrations in relation to GDP is equal to -8.0% in 2022 (-8.8% in 2021), unchanged compared to the estimate published in April. The primary balance (net debt minus interest expenditure) is equal to -3.8% of GDP. 

ANALYSIS

On 26 September 2023 at 5.00 pm it was necessary to replace the text of the press release to correct a typo on page 10, table 9, line Total revenue in capital account, column revisions for the year 2022 (the figure +5.17 has been replaced with +517). The comment The updated estimate of the national economic accounts confirms the growth rate of GDP in volume in 2022, equal to 3.7%, compared to growth of 8.3% in 2021, an increase of 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 provided negative contributions. On the supply side of goods and services, the contraction in agriculture and the significant increases in added value in construction and in most tertiary sectors are confirmed.