The international environment at the onset of 2023 is characterised by a generalised moderation of inflationary pressures, due to a fall in energy prices, and a more gradual tightening of monetary policy.
In the fourth quarter, the seasonally and calendar adjusted, chained volume measure of Italian GDP decreased by 0.1% with respect to the previous quarter. In 2022, the GDP growth rate was 3.9, higher than euro area average growth rate.
On the supply side, after three consecutive falls industrial production increased by 1,6% in December. However, in the fourth quarter 2022 the index decreased by 0,9% with respect to the previous three months.
In December, the number of employed and unemployed people increased, while a drop was recorded for inactive persons. The employment rate grew to 60.5% while the unemployment rate remained unchanged at 7.8%.
The Italian harmonised index of consumer prices (HICP) in January decelerated. The positive differential with the euro area average decreased.
Economic sentiment in January provided mixed signals: consumer confidence worsened while business confidence improved for the third months in a row.