The international scenario remains characterized by a high degree of uncertainty and downside risks, writes Istat in the
February note on the performance of the Italian economy
.
"A longer inflation recovery path than initially expected is starting to emerge".
In the fourth quarter of 2022, Italian GDP recorded a slight negative economic change as a synthesis of the positive contribution of
net foreign demand and the negative one of domestic demand net of inventories.
In the fourth quarter of 2022, GDP decreased by -0.1%.
Among the components of domestic demand, national final consumption decreased by 1.1% following an increase in public administration expenditure (+0.5%) and a decrease in that of resident households and private social institutions ( -1.6%).
"
Household spending - observes Istat - has shown sharp declines for all types of purchases
: durable goods and services have decreased respectively by 1.9% and 1.5% and spending on non-durable by 1.3%, the third consecutive economic downturn".