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In the second quarter of 2023, the disposable income of consumer families decreased by 0.1% compared to the previous quarter, while consumption grew by 0.2%. The propensity to save, which has already been below pre-Covid levels for several quarters, is estimated at 6.3%, down 0.4 percentage points compared to the previous quarter. This was announced by Istat, underlining that despite substantially stable prices, the purchasing power of families decreased by 0.2% compared to the previous quarter.
Public accounts: deficit/GDP at -5.4%
In the second quarter of 2023, the Italian public deficit in relation to GDP was -5.4% compared to -5.7% in the same quarter of 2022. This was announced by Istat in the quarterly account of the public administrations. The primary balance (i.e. debt net of interest expense) was negative, with an impact on GDP of -0.8% (-1.1% in the second quarter of 2022).
Growth: confirmed -0.4% in the second quarter, +0.3% in 2022
In the second quarter of 2023, the gross domestic product (GDP) – expressed in chained values with the reference year 2015, corrected for calendar effects and seasonally adjusted – decreased by 0.4% compared to the previous quarter and grew by 0.3 % compared to the second quarter of 2022. The GDP estimate released on 1 September 2023 was a cyclical reduction of 0.4% and a trend growth of 0.4%.
Tax pressure stable at 42%
The tax burden was equal to 42%, stationary compared to the same period of the previous year.
The purchasing power and savings of families decrease
Between April and June, underlines Istat illustrating the data on disposable income and consumption, the investment rate of consumer families is estimated at 8.1%, 0.2 percentage points lower than the previous quarter, compared to a decline in gross fixed investments of 2.9% and the already reported slight decline in gross disposable income. The investment rate of non-financial companies, estimated at 22.7%, was instead stationary compared to the previous quarter.
2023-10-04 08:04:11
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