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Press release

Monthly report on Italian economy - July 2023

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Global economy growth rate is slowing with heterogeneous performances among regions and sectors. Inflation is decelerating in almost all countries with a more gradual path for the core component of the index.

In the second quarter, the seasonally and calendar adjusted, chained volume measure of Italian GDP decreased by 0.3% with respect to the previous quarter. The change is the result of a negative contribution by the domestic component and a null contribution by the net exports. The carry-over annual for 2023 is 0.8%.

On the supply side, in June industrial production index, increased by 0,5% with respect to May for the second time in a row. In the period April-June, however, on average, the index decreased with respect to the previous three months.

Labour market conditions remain favourable. In June the number of employed people rose, while unemployed and inactive persons decreased. In the same month, the unemployment rate declined to 7.4%.

In July, according to preliminary estimates, the Italian harmonised index of consumer prices (HICP) continued to decelerate on annual basis. The differential with the euro area, although still positive, diminished.

Surveys present heterogeneous signals. In June, the consumer confidence index decreased with a negative trend diffused to all its components while the business confidence climate bettered.

Reference period: July 2023

Date of Issue: 04 August 2023



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