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GDP, Istat: -0.3% in the second quarter
The Italian economy recorded a decline of 0.3% in the second quarter of 2023, in sharp slowdown compared to the first three months of the year, when the GDP had grown by 0.6%. This was communicated by Istat, underlining that due to the discontinuity of the economic trend between April and June, copes with the positive evolution of GDP in trend terms in the amount of 0.6%which represents the tenth consecutive quarterly growth. On a monthly basis, it is instead the worst result since the fourth quarter of 2020, when economic activity had contracted by 0.7%.
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“This result, whose preliminary nature should be highlighted”, explains the statistical institute, “is due to a decline in both the primary and industrial sectors, against a moderate growth in the services sector. On the demand side, the decline comes from the national component gross of inventories, with the net foreign component providing a zero contribution”.
In terms of variation acquired, for 2023 growth stood at 0.8% in the second quarter, slightly down compared to the value in the first quarter, which was 0.9%. 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.
The cyclical increase in the general index was mainly due to the increase in the prices of processed food (+0.9%), recreational, cultural and personal care services and services relating to transport (+0.9%). 4% both), non-durable goods and miscellaneous services (+0.3% both); these effects were partly offset by the drop in energy prices, both regulated (-1.5%) and unregulated (-1.3%), unprocessed food (-0.8%) and tobacco (- 0.6%).
The inflation acquired for 2023 is equal to +5.7% for the general index and +5.1% for the core component. Based on preliminary estimates, the harmonized index of consumer prices (Ipca) decreased by 1.5% on a monthly basis, due to the summer sales which the Nic does not take into account, and increased by 6. 4% on an annual basis (decelerating from +6.7% in June).
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