The Italian economy is contracting, but less than expected. In the first quarter of 2022, the Italian GDP, adjusted for calendar effects and seasonally adjusted, decreased by 0.2% compared to the previous quarter (closed at + 0.7%) and grew by 5.8% in trend terms. Istat calculates it on the basis of preliminary estimates for the first three months of the year. In the Def the government had forecast a decrease of 0.5% on the previous quarter.
The cyclical decline is the first after four consecutive quarters of growth. The last negative figure dates back to the last part of 2020. The -0.2% is the synthesis of an increase in added value in the agriculture, forestry and fishing sector, a reduction in services and a stationary in industry. On the demand side, there is a positive contribution from the domestic component (gross of inventories) and a negative contribution from the net foreign component.
In light of the new data, the growth acquired for 2022, the one that would be obtained with zero changes in the next three quarters, is equal to 2.2%, a slight decrease compared to the + 2.3% estimated at the end of 2021.
Source: Ansa
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