GDP and General Government net borrowing

In 2022 GDP at current prices grew by 6.8% (to 1,909,154 million euro) compared with the previous year. The chained volume measure of GDP increased by 3.7%.

Gross fixed capital formation rose in volume by 9.4%, final consumption expenditure by 3.5% and exports by 9.4%. Imports of goods and services increased by 11.8%.

National demand (excluding changes in inventories) has contributed to GDP growth by 4.6 percentage points. The contributions of changes in inventories and of net exports were negative by 0.4 and by 0.5 percentage points respectively.

Value added in volume increased by 10.2% in construction and by 4.8% in services, while it decreased in agriculture, forestry and fishing (-1.8%) and in mining and quarrying, manufacturing and other industrial activities (-0.1%).

General Government net borrowing was -153,447 million euro: -8.0 % of GDP, compared with -9.0 % in 2021. This ratio has been revised for the years 2020 and 2021 as a result of the change introduced in the accounting treatment of tax credits (see the section on revisions).

Primary balance (General Government net borrowing net of interests) was -3.7% of GDP (-5.5% in 2021).