He Gross Domestic Product (GDP) of Italy It grew by 3.7% in 2022, mainly thanks to construction, according to updated data published today by the National Institute of Statistics (ISTAT), which had previously estimated an increase of 3.9%.
Internal demand was fundamental to the growth of the economy, which contributed positively to the dynamics of GDP by 4.6 percentage points, while the contribution of net external demand was negative by 0.5 points.
Italy’s deficit in 2022 was 8% of GDP, while it had been 7.2% the previous year.
“In 2022, the Italian economy registered strong growth, but less than in 2021 (when it was 6.6%) and above all it was caused by growth in construction and in many sectors of the tertiary sector, while it suffered a contraction in the agriculture”, explained the Istat.
The added value was 10.2% in construction and 4.8% in service activities, while there were contractions of 1.8% in agriculture, forestry and fishing and 0.1% in industry, detailed ISTAT.
The growth in construction was due above all to aid with tax credits for carrying out works that past governments introduced and that the current Executive of Giorgia Meloni has eliminated, which has led to protests from the sector, which ensures that it will mean a sharp drop in GDP in 2023.
Today’s data is in line with the government estimates published last November and which had already set growth for 2022 at just 3.7%.
Source: EFE
Source: Gestion
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