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Quarterly non-financial accounts for General Government, households income and savings and non-financial corporation profits

The Quarterly non-financial General Government (GG) account and the other figures presented in this press release are desumed from the Quarterly non-financial sector accounts. Data on Households and Non-financial corporations are commented in seasonally adjusted form, data on the GG are unadjusted.

In the fourth quarter of 2023 the GG net borrowing over GDP stood at -5.5% (-6.7% in the fourth quarter of 2022).

The primary balance of the GG was negative, at -1.5% over GDP (-1.9% in the fourth quarter of 2022).

The current balance of the GG was positive, at 5.0% over GDP (+1.1% % in the fourth quarter of 2022).

The tax burden was 50.3%, 1.2 percentage points higher than in the fourth quarter of 2022.

Gross disposable income and final consumption expenditure of consumer households in nominal terms fell by 0.1% and 1,0% over the previous quarter, respectively.

Households’ saving rate was 7.0%, 0.9 percentage points higher than in the previous quarter.

Gross disposable income in real terms fell by 0.5%, while prices (the implicit deflator of households consumption expenditure) increased by 0.4%.

The profit share of non-financial corporations is estimated at 44,4%, 0.3 percentage points higher with respect to the previous quarter.

The investment rate of non-financial corporation decreased by 0.5 percentage points from the previous quarter, standing at 20.2%.

Note. On April 22, 2024 at 11 a.m., both raw and seasonally adjusted quarterly national accounts series by institutional sectors, presented in this press release and published on IstatData and I.stat, were updated to incorporate general government data revisions included in the Notification tables compiled in compliance with the Excessive Deficit Procedure (EDP). Revisions refer to ‘Capital transfers’ paid by general government to consumer households and non-financial corporations and, for these institutional sectors, the accounting balances that follow. In this occasion, an adjustment has also been included to correct a slight misalignment for years 2021-2023 between annual and quarterly data of capital income, gross of the share of mixed income of consumer households. Correspondingly, small changes have affected – without significant changes from both a statistics and economic viewpoint –the subsequent balances of primary incomes, net borrowing/lending, as well as purchasing power, propensity to save and investment rate.