Italy: GDP growing in the third quarter, but we are still far from 2018 and 2007. No illusions

1 November 20221 year ago babelfish

Italy's GDP grew in the third quarter of 2022, but no illusions, we are far from the values of the first decade of 2000 and 2018.

Italy's gross domestic product expanded by 0.5% quarter-on-quarter in the three months prior to September 2022, down from the 1.1% growth in the previous quarter but exceeding expectations that predicted a stalemate. The result also beat the expectations of the Italian Parliamentary Budget Office which expected a contraction of 0.2%, as the authorities expected the surge in energy prices during the quarter and the political uncertainty due to the non traditional spring elections would affect consumer spending. Year-on-year, the economy grew 2.6%. Meanwhile, the annual GDP growth up to the third quarter is 3.9%. Here is the relative graph:

However, if we evaluate the absolute value of Gross Domestic Product then we see how growth still leaves us far from the values of 2018 if not from the 2007 records. Here we see how the values are far from 2007, very far ..

Here, however, we see that we are also far from 2018.

The boom in energy prices, however, is making itself felt right now, between October and November. If before many businesses had depreciated and absorbed it, even suffering economic losses, this will not happen in the last quarter and many businesses will either close or reduce their business. This will be the real testing ground for the Meloni government. The one from which he cannot escape. if we decide not to help companies we will begin to see a decline in production, and, fortunately, so far the autumn has been very sweet.

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The article Italy: GDP growing in the third quarter, but we are still far from 2018 and 2007. No illusions come from Economic Scenarios .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/italia-pil-in-crescita-nel-terzo-trimestre-ma-siamo-ancora-lontani-dal-2018-e-dal-2007-niente-illusioni/ on Mon, 31 Oct 2022 11:00:57 +0000.