Italy's economy grew more than expected in 2023

According to a report published by the National Institute of Statistics (Istat), the increase in market prices was 2,085,376 million euros, an increase of 6.2 percent compared to the previous year.

On the domestic demand side, by 2023, in volume terms, gross fixed investment increased by 4.7 percent and national final consumption by 1.2 percent.

Relative to foreign flows, imports of goods and services declined by 0.5 percent, while exports grew by 0.2 percentage points.

Net domestic demand for goods and net external demand contributed positively to the GDP trend by 2.0 and 0.3 percentage points, respectively, while the contribution of change in goods was negative at 1.3 percent, the document noted.

Istat experts noted contractions of 3.9 points in construction, 1.6 percent in service activities, 2.5 percent in agriculture, forestry and fishing, and 1.1 percent in industry.

On the other hand, public administrations (PA) net debt as measured by GDP was reduced to 137.3 percent compared to the forecast of 140.2 points, down 5 percent from the previous 140. year.

In 2023, the growth in manufacturing activity was accompanied by an expansion of labor and income.

In summary, experts estimate that PA has registered improvements in the relationship between debt and GDP compared to 2022, and the financial pressure remained unchanged, while the reduction in interest costs is reflected in the improvement of the primary balance, add the source.


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