Istat has raised its growth estimates for 2023: up 1.2%

In 2023, Italy’s GDP will grow by 1.2 percent, up on government estimates which recorded gross domestic product growth of up to 1 percent. Conversely, in 2024 growth will be lower than the expectations of the Def: 1.1 percent against the 1.5 percent of the April projections. Istat says so in its “Predictions for the Italian economy” for the two-year period 2023-2024, published this morning.

According to the National Institute of Statistics, “despite the particularly positive start, the signs for the next few months suggest a slowdown in economic activity in the continuation of the year”. According to the analysis released today, among the factors of the slowdown are inflation and the consequences of the floods in Emilia-Romagna, which mainly affected the agricultural sector of one of the most prosperous and productive regions of Italy.

Already last week, in its estimates for the first quarter of 2023, Istat had recorded an upward growth of 0.6 percent, estimating growth at the end of the year of 0.9 percent. Now he raises these expectations, going beyond those of the government. But already warning that next year there will be a reversal of the trend.

As far as the labor market is concerned, in 2023 employment “it will mark growth in line with that of GDP (+1.2% in 2023 and +1% in 2024). The improvement in employment will be accompanied by a decline in the unemployment rate which will drop to 7.9% this year and 7.7% next year“.