Last year the Italian GDP grew beyond expectations, with a final increase of 3.7%, higher than the main European partners for the second consecutive year, thus continuing the post-pandemic recovery phase that began in 2021. According to the April Economic Note of the Office budget lawmakerUPB), according to which uncertainty is reduced in the short term for the Italian system, while in the medium term the downside risks to growth and upside risks to inflation prevail. In addition to the conflict in Ukraine, the potentially adverse elements primarily concern the timing of implementation of the PNRR, global financial tensions, the persistence of inflation and climate and environmental risks.
Growth was driven in particular by private domestic demand, i.e. household consumption and gross fixed investment, as well as exports. However, the final quarter of 2022 recorded a slight decrease (-0.1 percent compared to the average for the summer months). In 2022, private consumption grew by almost five percentage points compared to 2021. After the leap forward in the central quarters of the year, household spending decreased by a significant amount in the autumn (-1.6 per cent), reflecting the of the strong loss of household purchasing power caused by price increases.