Italian GDP is growing beyond expectations. As communicated by the Ministry of Economy and Finance, Istat’s flash estimate indicates that, after the slowdown at the beginning of the year, the Italian economy recorded a cyclical growth of GDP of 1% and an increase of 4,6% compared to the corresponding period of 2021. The acquired annual growth (the evolution that would be recorded if GDP remained unchanged in the second half of the year) is 3.4 %, above the 3.1 % forecast in the EPD.
The significant increase in GDP in the second quarter occurred in a context of great difficulty, due to the war in Ukraine, the international surge in energy and food prices and the rise in global interest rates.
The further strengthening of activity in the services sector was facilitated by the elimination of most of the restrictive measures linked to covid-19. Industry has benefited from a generally favourable trend in both international trade and domestic demand, including investment.
The interventions carried out by the 2022 Budget Law and the numerous decrees issued by the Government have contributed to supporting the Italian economy. These measures have made it possible to cushion the impact of the rise in energy costs on households and on the competitiveness of businesses. Despite the tragic events in Ukraine, the investment climate in Italy remains positive.