Istat improves the trend estimates of GDP. In the third estimate, released 90 days after the reference quarter, the Institute has revised the trend data for the second quarter of 2022 in the best possible way, going from + 4.7% to + 5%. In the second quarter of 2022, GDP, expressed in chain-linked values with the reference year 2015, corrected for calendar effects and seasonally adjusted, increased by 1.1% compared to the previous quarter and by 5% compared to the second quarter of 2021 .
GDP, Istat: growth acquired for 2022 at + 3.6%
In this way, «the change acquired for 2022 is equal to +3.6 per cent. The one relating to the quarterly accounts released on 1 September was + 3.5% ». This was stated by Istat by improving the data for the second quarter of 2022 in its third estimate. The second quarter of 2022 had one less working day than the previous quarter and one less working day than in the second quarter of 2021.
Deficit / GDP falls to 3.1% in the second quarter of 2022
Not only. “In the second quarter of the year, the debt of public administrations to GDP fell markedly in trend terms, continuing its improvement path that began in the first quarter”. This was stated by Istat, highlighting that in the second quarter of 2022 net debt in relation to GDP was -3.1% (-7.6% in the same quarter of 2021). While debt net of interest expense) was positive, with an incidence on GDP of 1.6% (-3.7% in the second quarter of 2021). The current balance of the PA was also positive, with an incidence on GDP of 0.8% (-0.7% in 2021).
Tax pressure rises to 42.4%, household power slightly down
The tax burden in the second quarter of 2022 was 42.4%, an increase of 0.3 percentage points compared to the same period of the previous year. The disposable income of consumer households increased by 1.5% compared to the previous quarter, while consumption grew by 4.1%. Households’ propensity to save was 9.3%, a decrease of 2.3 percentage points compared to the previous quarter. Against a 1.5% increase in the implicit household final consumption deflator, household purchasing power decreased slightly compared to the previous quarter (-0.1%).
Sangalli, 120,000 SMEs risk closure by the first half of 2023
In this context, the president of Confcommercio, Carlo Sangalli, who spoke at the assembly of Confcommercio Campania, warned that between now and the first half of 2023 “at least 120 thousand small businesses could go out of business with the loss of over 370 thousand jobs”. “These are emergencies – he explained – that are added to the structural weakness of growth and consumption combined with excessive fiscal pressure, which characterizes our economy”.