Industry and agriculture attract the Italian GDP
According to Istat data on the preliminary estimate, gross domestic product, adjusted for calendar effects and seasonally adjusted, decreased by 0.3% compared to the previous quarter and increased by 0.6% in trend terms. The variation acquired for 2023 is equal to 0.8%.
Italy's GDP drops in the second quarter of 2023.
According to Istat data on the preliminary estimate, gross domestic product, adjusted for calendar effects and seasonally adjusted, decreased by 0.3% compared to the previous quarter and increased by 0.6% in trend terms. The variation acquired for 2023 is equal to 0.8%. The slowdown in inflation also continues, returning to +6%, the same level as in April 2022.
WHY THE GDP HAS DECREASED IN ITALY
The cyclical variation, specifies the Institute of Statistics, is the synthesis of a decrease in the added value both in the agriculture, forestry and fishing sector and in that of industry, while the added value of services recorded a slight increase. On the demand side, there is a negative contribution from the national component (gross of inventories) and a zero contribution from the net foreign component. As highlighted by Istat, the second quarter of 2023 had three fewer working days than the previous quarter and one fewer working day than the second quarter of 2022.
SLOW DOWN INFLATION
In July, according to preliminary estimates by Istat, inflation slows down: in fact, the national consumer price index for the whole community (NIC), gross of tobacco, records an increase of 0.1% on a month and 6% year-on-year, compared to +6.4% the previous month, returning to the same levels as in April 2022.
A deceleration – explains the statistical institute – which is due, in the first instance, to the slowdown on a trend basis in the prices of transport-related services (from +4.7% to +2.4%), of unregulated energy goods (from +8.4% to +7.0%) and, to a lesser extent, of processed food (from +11.5% to +10.9%), of other goods (from +4.8% to + 4.6%), various services (from +2.9% to +2.7%) and tobacco (from +2.5% to +1.9%). These effects were only partially offset by the upward tensions in the prices of unprocessed food (from +9.4% to +10.4%) and services relating to housing (from +3.5% to +3, 6%).
WHAT HAPPENS TO THE PRICES
Compared to the slowdown in the general data, in July the reduction for the so-called shopping cart is much smaller. In fact, the preliminary estimates by Istat show that the prices of food, home and personal care products slow down slightly in trend terms (from +10.5% to +10.4%), as do those of highly purchase frequency (from +5.7% to +5.6%).
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/pil-italia/ on Mon, 31 Jul 2023 11:50:15 +0000.