Istat publishes a new version of the national economic accounts and the General Government (GG) account for 2017 and 2018, revised with respect to those released, respectively, on 1 March (for GDP) and 3 April (for the GG account). In the latter release it was announced that a new estimate would be necessary, in order to incorporate in the accounts a modification of the perimeter of the GG sector and, in particular, the inclusion of some institutional units which produce a significant impact on various economic aggregates, including value added.
The new estimate results in an upward revision of the nominal GDP of around 3.2 billion in 2017 and around 3.0 in 2018. The 2017 nominal GDP growth rate is now equal to 2.2% (previously 2.0%), but it is important to consider that since the 2016 level has not been revised, the rate of change is affected by a break in the accounts. This effect will be removed with the extraordinary revision of the national accounts scheduled for next September. With regard to the General Government account, the changes in the perimeter of the sector give rise to a very slight reduction in the level of net borrowing which, in terms of the ratio to the GDP, remains unchanged compared to previous estimates (2.4% in 2017 and 2.1% in 2018).