In the third quarter of 2022, the Italian economy grew by 0.5% compared to the previous three months and by 2.6% compared to the same period of 2021, with growth achieved for the whole of 2022 equal to 3.9%. This was revealed by Istat, which confirmed the estimates of a month ago.
They drive commerce, transport, accommodation and catering
A growth in GDP, in the third quarter, which hinged on domestic demand, especially household consumption, and on +0.9% of services, in particular tourism, commerce, transport, accommodation and catering, against -0, 6% of industry and -2% of 2% construction. This is the cross-section of the +0.5% quarterly growth in the summer that can be read in the quarterly economic accounts published today by Istat. Consumption grew by 1.8%, more than double the +0.8% of gross fixed investments. The net contribution of net foreign demand (export minus import, the latter inflated by high energy prices) is negative by 1.3 percentage points.
Services turnover, third quarter +12.4% on 2021
In the third quarter of 2022, the seasonally adjusted index of the turnover of services grew by 2.2% compared to the previous quarter; the general crude index recorded an increase, in trend terms, of 12.4%. «The growth of the seasonally adjusted index of the turnover of services continues for the seventh consecutive quarter, comments Istat. The overall level of the index is well above the pre-pandemic level of the fourth quarter of 2019, however there are strong sectoral differences. The greatest increases, in this period, are recorded in the warehousing and transport support activities (+41.3%) and wholesale trade (+24.1%). Still below the pre-pandemic level are air transport (-13.8%) and the trade in motor vehicles (-7.0%)”.
All sectors are affected
In particular, there is evidence of cyclical growth in all sectors. The greatest increases are recorded for the activities of accommodation and catering services (+5.4%) and for Transport and storage (+3.9%). More contained increases are recorded for information and communication services (+2.1%), for the wholesale, trade and repair of motor vehicles and motorcycles (+1.7%), for professional, scientific and technical activities (+1.6%) and for travel agencies and business support services (+1.3%). Even in trend terms, growth was recorded in all sectors. Considerable increases distinguish the activities of accommodation and catering services (+20.9%), transport and warehousing (+19.9%), travel agencies and business support services (+11.9%) and the wholesale trade, trade and repair of motor vehicles and motorcycles (+10.8%). The increase is more contained for professional, scientific and technical activities (+7.3%) and for information and communication services (+6.6%).