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Press release

Monthly Report on Italian economy - October 2023

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International economic perspectives remain uncertain due to escalation of geopolitical tensions and tighter financial conditions for households and firms.

In the third quarter, in Italy the seasonally and calendar adjusted, chained volume measure of Gross Domestic Product (GDP) remained stable with respect to the previous quarter. The carry-over for 2023 is 0.7%.

On the supply side, in September industrial production index remained unchanged with respect to the previous month. In the third quarter, on average, the index increased marginally.

Labour market conditions remain favourable despite decelerating economic activity. In September, the number of employed and unemployed people rose while inactive persons decreased. In the same month, the unemployment rate increased to 7.5% (+0.1 p.).

According to preliminary estimates, in October, the Italian harmonised index of consumer prices (HICP) increased by 1.9% on annual basis (+5.6% in the previous month). The differential with the euro area, turned negative.

Surveys continued to present worsening signals. In October, the consumer and business confidence indexes decreased further with negative trends diffused with few exceptions to all their components.

Reference period: October 2023

Date of Issue: 10 November 2023



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