Home News Istat revises its estimates for 2021 upwards, growth at + 6.7%

Istat revises its estimates for 2021 upwards, growth at + 6.7%

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Istat revises its estimates for 2021 upwards, growth at + 6.7%

In 2021, the Italian GDP in volume grew by 6.7%. This was announced by Istat which in the national economic accounts released today has revised the figure up by 0.1 percentage points compared to the April estimate. The GDP at market prices is equal to 1,782,050 million euros current, with an upward revision of 6,614 million compared to the estimate of last April. Based on the new data, GDP in volume fell by 9.0% in 2020, unchanged from the April estimate.

2021 deficit of 7.2%

The ratio between deficit and Italian GDP is equal to -7.2% in 2021 (it was -9.5% in 2020), unchanged compared to the estimate published in April. Istat communicates this on the basis of the new national economic accounts. The improvement, explains the Institute of Statistics, is mainly due to the good trend in revenues and the more contained increase in expenditure. The primary balance (net debt minus interest expenses) was -3.7% of GDP from -6.0% in 2020.

Tax rate rises to 43.4%

The overall tax burden (amount of direct, indirect, capital taxes and social contributions in relation to GDP) was equal to 43.4% in 2021, an increase compared to 42.7% in 2020 due to an increase in revenues tax and social security contributions (+ 9.1%) higher than that of GDP at current prices (+ 7.3%). Thus Istat confirming the estimate of this spring in the national economic accounts released today.

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