The series of national accounts by institutional sectors released today by Istat on the I.Stat data warehouse (topic ‘National accounts’, subtopic ‘Annual non-financial accounts by institutional sector’) and on the IstatData data browser, provide the first estimate for 2022 and update those released in September 2022 for the years up to 2021.
In 2022 the saving rate of households drops to 8.1% (from 13.2% in 2021), back to the pre-pandemic levels. Disposable income increases by 6.2 % (+3.5 % in 2021) to a lesser extent than final consumption expenditure (+12.4 % in 2022 and +6.3 % in 2021). The substantial price growth leads to a contraction of households’ disposable income expressed in real terms, reducing their purchasing power by 1.2% year-on-year (+1.9% in 2021).
Also thanks to the prolongation of the building renovation incentive scheme, investment in housing by consumer households increase by more than EUR 14 billion in 2022 (+ 17.1%), consolidating the significant growth of 2021 (+42.3%). The sector’s investment rate rises to 7.9% in 2022.
The profit share of non-financial corporations rises to 43.1% in 2022 (from 41.6% in 2021). Value added grows by 9% (+10% in 2021), while gross operating surplus shows a larger increase of 12.9% (+9% in 2021), mainly due to the support provided by the government through subsidies on production, which include tax credits for energy costs. The upward trend of investments made by the sector continues (from +16.3% in 2021 to +16.5% in 2022) and the investment rate stands at 24.4% (from 22.9% in 2021), reaching its highest value since 1995, the year the historical series began.
In the financial corporations sector, the substantial increase in net investment income supports primary income (+22.3%) and gross saving (+15.9%), resulting in an improvement in the sector’s net lending compared to 2021, which increases by EUR 2.7bn to EUR 67.6bn.
In 2022, general government net borrowing is EUR -151.9 billion (-161.2 billion in 2021).
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