In the fourth quarter of 2022, the net debt of the PAs as a ratio to GDP was -5.6% (-4.9% in the same quarter of 2021).
The primary balance of public administrations (debt net of interest expense) was negative, with an impact on GDP of -0.7% (-1.2% in the fourth quarter of 2021).
The current balance of public administrations was positive, with an incidence on GDP of 1.3% (3.2% in the fourth quarter of 2021).
The tax burden was equal to 50.5%, a reduction of 1 percentage point compared to the same period of the previous year.
The disposable income of consumer households increased by 0.8% compared to the previous quarter, while final consumption grew by 3.0%.
The propensity to save of consumer families was 5.3%, down by 2.0 percentage points compared to the previous quarter.
Against a 4.7% change in the implicit consumption deflator, household purchasing power decreased by 3.7% compared to the previous quarter.
The profit share of non-financial corporations, at 44.8%, increased by 1.9 percentage points from the previous quarter.
The investment ratio of non-financial corporations, equal to 24.4%, decreased by 0.4 percentage points compared to the previous quarter.
The comment
In the fourth quarter of 2022, general government debt, equal to -5.6% of GDP, worsened by 0.7 percentage points compared to the same quarter of 2021. Instead, the balance improved by 0.5 percentage points primary. The growth in household disposable income (+0.8%), accompanied by particularly strong growth in consumer prices in the same quarter, led to a ssignificant decrease in purchasing power (-3.7%). The stability of final consumption expenditure (+3% in nominal terms) was therefore accompanied by a marked decline in the savings rate.
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