The Italian GDP slows down more than expected. According to Istat, in the second quarter of 2023, GDP, adjusted for calendar effects and seasonally adjusted, is dropped by 0,4% compared to the previous quarter and grew by 0,4% compared to the second quarter of 2022. In fact, the National Institute of Statistics has revised upwards the estimate released preliminary on 31 July last, which envisaged a cyclical reduction of 0,3, 0,6% and a growth trend of XNUMX%. There change acquired for 2023 is equal to +0,7%.
Domestic demand weighs
Compared to the previous quarter, all the main aggregates of domestic demand are decreasing, with a drop of 0,3% in national final consumption and 1,8% in gross fixed investments. Imports and exports also decreased, both by 0,4%.
La national question net of inventories, it subtracted 0,7 percentage points from the change in GDP: the contribution of household consumption and private ISP social institutions was nil, -0,4 that of gross fixed investments and -0,3 that of public administration spending (AP). Conversely, the change in inventories positively contributed to the change in GDP by 0,3 percentage points, while the contribution of foreign demand net was null.
Negative economic trends were recorded for added value in all the main production sectors, with agriculture, industry and services decreasing respectively by 1,3%, 1,4% and 0,1%.
"The hours worked jobs decreased by 0,5%, job positions by 0,1% and work units contracted by 0,3%. They grew by 0,8% i per capita income” concludes Istat.
