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.
On the demand side, Istat explains, the growth in GDP was mainly driven by domestic demand, while foreign demand and the variation in inventories provided much more limited contributions.
On the supply side of goods and services, the contraction in agriculture and the substantial increases in added value in industrial activities and in most sectors of the tertiary sector are confirmed.
In detail, the increases in value added were 11.5% in industry in the strict sense, 21.6% in construction and 4.7% in services;
down by 1.3% in agriculture, forestry and fishing.
Within the services, increases were recorded in the sector which groups wholesale and retail trade, repair of motor vehicles and motorcycles, transport and warehousing,
accommodation and restaurant services (+ 10.7%), in information and communication services (+ 2.8%), in financial and insurance activities (+ 0.8%), in real estate activities (+ 1.9%) ), in professional, scientific and technical activities;
administrative and support services (+ 7.3%) and in the sector of public administrations, defense, education, health and social services (+ 1.6%).
DEFICIT 2021 at 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.
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 PRESSURE RISES TO 43.4% IN 2021
The tax burden rises to 43.4% in 2021.In 2020 the ratio was 42.7% in relation to GDP) was 43.4% in 2021, an increase compared to 42.7% in 2020 due to an increase in tax and contribution revenues (+ 9.1%) higher than that of GDP at current prices (+ 7.3%).
This was announced by Istat confirming this spring's estimate in the national economic accounts released today.
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