In the first part of 2024, international economic activity continued to show some resilience. Inflation decelerated more rapidly than expected, and labor market conditions remained solid.
Preliminary estimates for Italian GDP growth in the first quarter indicate an increase of +0.3%; the domestic component (excluding inventories) contributed negatively, while the net foreign demand provided a positive contribution.
Between December 2023 and February 2024, exports in value remained stable, while imports decreased by 4.8%; these trends led to a further improvement in Italy’s trade balance, which returned to positive territory since late 2022.
In March, employment growth continues, involving both men and women and individuals of all ages, except for those aged 35-49; by professional position, employment increased among both permanent and temporary employees and among self-employed individuals.
The dynamics of the consumer price index for all households (NIC) in the first four months of 2024 hovered around unity (0.9% in April, according to provisional data); the decline in energy prices (-12.0% in April) and food prices (+2.6% in April, down from +5.6% in January) continues, mainly thanks to the fresh component (+2.2%, down from +7.5%).
After rising in March, business confidence declined in April across all economic sectors; consumer confidence in April confirmed the decline seen in March, marking the lowest value since November 2023.
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