In 2022, GDP at market prices amounted to 1,909,154 million current euros, with an increase of 6.8% compared to the previous year. In volume, GDP grew by 3.7%.
On the domestic demand side, in 2022 there was, in terms of volume, an increase of 9.4% in gross fixed investments and 3.5% in national final consumption. As regards foreign flows, exports of goods and services rose by 9.4% and imports by 11.8%.
Domestic demand net of inventories contributed positively to GDP dynamics by 4.6 percentage points, while the contribution of net foreign demand was negative by 0.5 points and that of the change in inventories by 0.4 points.
Value added recorded increases in volume of 10.2% in construction and 4.8% in service activities. There were contractions of 1.8% in agriculture, forestry and fishing and 0.1% in industry in the strict sense.
The general government (PA) net borrowing, measured as a ratio to GDP, was -8.0%, compared to -9.0% in 2021. The value of the debt for the years 2020 and 2021 is revised following the change introduced in the accounting treatment of tax credits (see the paragraph on revisions).
The primary balance (net debt minus interest expenditure) measured as a ratio to GDP, was -3.7% (-5.5% in 2021).
The comment
In 2022, the Italian economy recorded strong growth, but lower than that of 2021. The driving force behind the growth in GDP (+3.7%) was above all national demand net of inventories, while foreign demand and the changes in inventories provided negative contributions. On the side of the supply of goods and services, value added recorded growth in construction and in many sectors of the tertiary sector, while it suffered a contraction in agriculture. The growth of productive activity was accompanied by an expansion of labor input and incomes. The ratio between general government net debt and GDP recorded an improvement compared to 2021. The value of debt was revised following the change introduced in the accounting treatment of tax credits.
Note. On 01/03/2023 the full text was replaced because the subtitle of Tables 7 and 8 incorrectly reported the March 2022 estimates compared to the September 2022 estimates.