Court of Auditors, Italy’s economy resilient to shocks: confidence in growth and public debt reduction

Court of Auditors Italys economy resilient to shocks confidence in

(Finance) – The resistance capabilities demonstrated by theItalian economy to the repeated shocks that have marked the national and international scenario constitute a solid basis for a restart and encourage us to face with confidence the complex challenges associated with the need to increase the development rate and reduce the weight of public debt in the new economic governance framework of the European Union. This is what the Court of Auditors in the 2023 edition of Report on the coordination of public financepresented today to Parliament, in the presence of the Minister of Economy and Finance, Giancarlo Giorgetti, and the Minister of Labor and Social Policies, Navy Cauldron. The proceedings were opened by the President of the Court of Auditors, I drive Pug.

The context marked by war in Ukraine and from the consequent inflationary pressures, observed the accounting magistrates, continues to estimate a deceleration of world trade and economic activities in most countries. Despite this, the activities in Italy they exceeded, during 2022, the levels prior to the pandemic crisis. Compared to 2019, gross domestic product recorded a growth of 1% in real terms (similar to that of France and higher than Germany and Spain).

The growth of GDP (+3.7%) was still supported by request internal (4.6%). The indicators cheap referring to the first months of 2023 confirm the moderation of production rates, but highlight a greater dynamism of the Italian economy compared to the average of the Euro area. The GDP of the first quarter of 2023 is up by 0.5% on the last quarter of 2022, with a recovery that appears to be widespread among sectors, involving both industry and services. Positive, according to the Court of Auditors, the employment framework. Inflation in April marked a new cyclical increase (+0.5%) also reflecting the transitory recovery in the prices of energy goods Not regulated. Encouraging signs are drawn, however, from the trend in producer prices. The national recovery and resilience plan, the accounting magistrates still explain, will have important effects on the change in GDP. In the four-year period 2023-2026, two thirds of the average annual growth rate prefigured in DEF extension they are, in fact, attributable to the Plan (1.2%, compared to 0.4 in the absence of the Pnrr).

In 2022 the debt public it continued to decrease in relation to GDP (from 149.9 to 144.4%) and after the trend reversal recorded in 2021, the decline is continuing at a high and more significant pace than initially expected. In the Report of the accounting judges it is underlined that the repayment of the debt finds among its prerequisites the maintenance of come in tax and careful management of large areas of expense publish current (social security, assistance and health care are the fronts specifically dealt with in the Document)