The global economy at the beginning of 2024 remains characterized by subdued growth prospects, penalized by a phase of high uncertainty on the evolution of geopolitical tensions.
The Italian economy recorded an average GDP growth of 0.9% last year, decelerating compared to 2022 but with greater dynamism than the euro area average.
In the fourth quarter 2023, the value added of the manufacturing industry showed a substantial stability. The services sector also stabilized while the construction sector continued to grow.
Foreign trade is decreasing. In the fourth quarter of 2023, both Italian exports and imports in value confirmed a downsizing.
After six months, employment fell again in January. The decrease involved only men and individuals under 35 years of age. Employment fell among temporary employees and self-employed workers. Unemployment rate stabilised at 7.2%.
Since October 2023, the growth rate of the harmonized index of consumer prices (HICP) in Italy, the only one among the four major euro area countries, has fallen below 2.0%, well below the average of the euro area.
The signals from the surveys are mixed. In February, business confidence worsened while consumer confidence continued to grow and reached its highest level since June 2023.
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