A deeper examination of the quarter-on-quarter data reveals certain sectors remaining stagnant while others showed a decline. Specifically, final consumption expenditure remained unchanged, while the gross fixed capital formation saw a decline of 1.7 per cent. On the international trade front, while imports held steady, exports experienced a dip of 0.6 per cent.
When compared year-on-year against the second quarter of 2022, the economic landscape seems slightly more positive. Final consumption expenditure grew by 1.2 per cent, and imports increased by 1.1 per cent. Gross fixed capital formation remained stationary during this period. However, exports witnessed a minor reduction of 0.3 per cent, as per Istat.
Furthermore, the data indicates that the carry-over annual GDP growth rate for 2023 is expected to be 0.7 per cent.
ALCHEMPro News Desk (DP)
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