Quarterly non-financial sector accounts - Q1 2023

The Quarterly non-financial General Government (GG) account and the other figures presented in this press release are desumed from the Quarterly non-financial sector accounts. Data on Households and Non-financial corporations are commented in seasonally adjusted form, data on the GG are unadjusted.

In the first quarter of 2023 the GG net borrowing to GDP ratio was -12.1%, compared to -11.3 in the same quarter of 2022.

The GG primary balance to GDP ratio was -8.8%, from -7.6% in the first quarter of 2022.

The GG current balance to GDP ratio was -6.0% (-5.9% in the first quarter of 2022).

The tax burden ratio was 37.0%, 0.9 percentage points lower than in the same quarter of 2022.

Gross disposable income of consumer households increased with respect to the fourth quarter of 2022 by 3.2% in nominal terms and by 3.1% in real terms (+0.1% the increase of the implicit deflator of households consumption expenditure).

The saving rate was 7.6%, with households consumption expenditure growth at +0.6% in nominal terms.

The profit share of non-financial corporations was 43.7%, 0.9 percentage points lower than in the previous quarter.

The investment rate of non-financial corporations was 24.0%, 0.3 percentage points lower than in the previous quarter.