GDP: Istat estimates +0.5% cyclical in the first quarter, +1.8% year on year

2023-04-28 08:00:35

In the first quarter of 2023 it is estimated that the gross domestic product (GDP), expressed in chain-linked values with the reference year 2015, adjusted for calendar effects and seasonally adjusted, increased by 0.5% compared to the previous quarter and grew by 1.8% in trend terms. This was communicated by Istat by publishing the preliminary estimate of GDP in the first three months of the year. The first quarter of 2023 had two more working days than the previous quarter and one more working day than the first quarter of 2022.

Industry and services are growing

“The preliminary estimate, which is always provisional in nature, reflects on the supply side growth in both the industrial and services sectors, while the primary sector is stationary”, explained Istat. “On the demand side, the contribution to GDP growth is positive for both the national component and the foreign component,” added the Statistical Institute.