Istat has the growth of the Italian economy was revised upwards for the period 2019-2021, confirming the strong recovery recorded in 2021 with a GDP growth rate of 6.7% (an upward revision of 0.1 percentage points compared to the estimate of April 2022), against a decrease 9% recorded in 2020.
GDP at market prices in 2021 was 1,782 billion euros, with an upward revision of 6.6 billion compared to last April’s estimate, while for 2020, the level of GDP was revised upwards by 3.6 billion euros.
Gross fixed investments in 2021 increased in volume by 16.5%, national final consumption by 4.2%, exports of goods and services by 13.4% and imports by 14.7%.
Value added in volume increased by 11.5% in industry in the strict sense, by 21.6% in construction and by 4.7% in the service sector, while it decreased by 1.3% in the construction sector. agriculture, forestry and fishing.
In 2021, for all non-financial companies the profit share was 41.0% and the investment rate was 23.1%. The disposable income of consumer households, on the other hand, marked an increase of 3.7% in current values and purchasing power an increase of 2.1%. The simultaneous increase in private consumption (+ 6.9%), generated a decline in households’ propensity to save, which went to 13.1% from 15.6% in 2020.
Deficit / GDP ratio
The deficit / GDP ratio stood at -7.2% in 2021 (-9.5% in 2020), unchanged from the estimate published in April. The primary balance (net debt minus interest expenses) is equal to -3.7% of GDP.