At the end of 2023, international economic perspectives remain uncertain due to geopolitical tensions, the resolution of which is not imminent, and still tight financial conditions for households and firms.
In November, the industrial production index in Italy recorded a further decline that was more pronounced than that of the previous month. The decline was widespread across all main index’s components.
The households’ purchasing power, after the fall in the fourth quarter of 2022, is on an upward path. The same dynamic was observed for saving rate which, however, continues to remain lower than pre-Covid levels.
Labour market conditions remain solid. In November, compared to the previous month, the number of employed and inactive people increased, while the number of unemployed people decreased.
In 2023, on average, inflation measured with the harmonized consumer price index (HICP) fell to 5.9% from 8.7% in 2022, progressively reducing over the course of the year and reaching 0.5% in December. Since October, inflation in Italy has been lower than the euro area average.
In December, consumer and businesses confidence improved, with increases spread across the components of the indices, returning to the levels of July 2023.
The report on the Italian economy will be released on March 12. It will be renewed and become bimonthly and will include focuses on economic and methodological issues.
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