In the first quarter of 2023, thegeneral government debt (PA) in relation to GDP showed a worsening compared to the same quarter of 2022 (-12.1% from -11.3%) due to the lower incidence of revenue, reflected in a reduction in the tax burden. This is what emerged from the Istat quarterly observatory, according to which the primary balance of the PAs (debt net of interest expense) was negative, with an impact on GDP of -8.8% (-7.6% in the first quarter of 2022). The current balance of the PA was also negative, with an impact on GDP of -6.0% (-5.9% in the first quarter of 2022).
The tax burden it was 37%, down by 0.9 percentage points compared to the same period of the previous year. In the first quarter of 2023, the income available gross of families female consumers increased by 3.2% in nominal terms and by 3.1% in real terms, marginally affected by the increase in prices (+0.1% the increase in the implicit deflator of household consumption). There propensity to save of consumer households was equal to 7.6%, up by 2.3 percentage points compared to the previous quarter, against a more limited growth in final consumption expenditure (+0.6%) compared to that of gross income available (+3.2%)
Also in the first quarter of 2023, the profit share of non-financial companies was 43.7%, with a decrease of 0.9 percentage points compared to the previous quarter. In cyclical terms, the decline in this indicator is the result of a lower growth in gross operating income (+1.2%) than that in added value (+3.2%). The investment rate of non-financial companies is estimated at 24.0%, down by 0.3 percentage points compared to the previous quarter, against an increase in gross fixed investments of 1.8% and the aforementioned increase in added value.
Finally, in June 2023 the balance of the state sector closed, on a provisional basis, with a requirement of 13.2 billion euro. This is what the Ministry of Economy and Finance. The month of June 2022 – the Ministry reports – ended with a requirement equal to approximately 7.1 billion euro. “The balance – explains the MEF in a note – is affected by an increase in social security expenditure, linked to the revaluation of pensions, and by higher withdrawals from local administrations”. “The overall collections – concludes the Mef – are in line with those of last year”.