Goodbye “zero point”, we are first in growth. It is the Italian model

After having shone in 2021 and 2022, our economy also surprises in the first three months of 2023: up 1.9 percent compared to the first quarter of last year. The best for growth among the top six advanced economies, both on a cyclical basis and on a trend basis

After having shone in 2021 and 2022, Italy also surprised everyone in the first three months of 2023. In fact, our economy grew by 1.9 percent on a year-on-year basis compared to the first quarter of last year. This is thanks to the positive second and third quarters of 2022 (respectively, plus 1 and plus 0.4 per cent the cyclical increases over the previous quarters) and also thanks to a brilliant first quarter 2023 (plus 0.6 per cent), after the temporary small setback in the fourth quarter of 2022 (minus 0.1 percent). In the first quarter of 2023, Italy was by far the best in terms of growth among the top six advanced economies, both on a cyclical basis and on a trend basis, as the table below shows. Over the 12 months, in particular, it preceded, in order, the United States (up 1.6 per cent), Japan (up 1.3 per cent), France (up 0.9 per cent), the United Kingdom (up 0 .2 per cent), while Germany plunged into recession (minus 0.5 per cent).