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Press release

Monthly report on italian economy - April 2023

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The relaxing of financial conditions and still high inflation provided incentive to main central banks to continue the process of interest rates increases although at a more moderate pace.

In the first quarter of 2023 the seasonally and calendar adjusted chained volume measure of Italian Gross Domestic Product (GDP) increased more than in the average of the euro area. There was a positive contribution by both the domestic component and the net export component.

On the supply side, in March industrial production index, decreased by 0.6% with respect to February. The fall was diffused to all components but capital goods. In the first quarter the index substantially stabilised.

In March, the number of employed people grew, while unemployed decreased and inactive persons remained stable.

In April, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) increased further and the positive differential with the euro area, widened mainly due to the energy component. As for the core inflation the difference remained negative.

Perspective for Italian economy remained favourable. In April, the consumer confidence improved further driven by positive evaluation on the general economic and current situations. Also business confidence bettered although with some heterogeneity among the index components.

Reference period: April 2023

Date of Issue: 10 May 2023



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