An even more surprising sign for Italian GDP in the third quarter: According to Istat, the economy grew in the period by 0.5% from the previous quarter and by 2.6% in the same quarter of 2021. The Parliamentary Budget Office’s forecast, released just two weeks ago, suggests a possible 0.2% decline.
This brings the growth already achieved for 2022 to 3.9% (versus the 3.3% indicated by Nadef). The last number, though slower than the previous quarter, is the seventh consecutive positive number.
“Therefore, the expansionary phase of GDP continues for the seventh consecutive quarter, but it is slowing down compared to the second quarter of the year – explains Istat, commenting on third-quarter data -. As always, we note the temporary nature of this estimate, which reflects on the production side a decrease In agriculture and industry and a noticeable increase in services. In terms of demand, there is a positive contribution from the national component (total inventory) and a negative contribution from the net foreign component, after a growth in imports is greater than exports.”
And “provisional figures” for third-quarter GDP released today indicate “an increase that continues to be supported by the recovery of the services sector, which has been hardest hit by the pandemic.” This was stated by the Governor of the Bank of Italy Ignazio Visco pReferring to Savings Day, arguing that growth entails “on the one hand a mechanical increase in rising estimates, on the other hand, it pays, however, to be cautious in referring to accurate estimates in the context of great uncertainty such as the current one.”
“We need the utmost commitment to protect the economy of families and businesses from the serious emergencies of the time, Believing that – in these years of uncertainty – it is necessary to protect the dignity and discretion of citizens and not the logic of debts and subsidies; And that firms should be protected from price volatility and resource scarcity, not only by ensuring the availability of liquidity, but also by having access to such availability under as advantageous conditions as possible.” This is what Economy Minister Giancarlo Giorgetti said on World Savings Day. The minister stressed the need to adopt policies that quickly combat the phenomenon of inflation, capable of curbing the increase in prices, but above all to prevent this growth from extending.
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