ROME (ITALPRESS) – The general revision of the national accounts significantly changed the estimates of GDP levels and major aggregates in recent years, but with limited impact on their rates of change. Specifically, compared with the estimates released in March 2024, nominal GDP in 2021 was higher by about 21 billion and in 2022 and 2023 by 34 billion and 43 billion, respectively. As a result of the revision, volume GDP in 2023 was higher for the first time than the peak reached before the 2008 financial crisis. The general revision of the economic accounts and public finance aggregates resulted in an improvement in general government net borrowing as a ratio of GDP, which, for 2022 and 2023, stands at -8.1 percent and -7.2 percent, respectively (from -8.6 percent and -7.4 percent in the estimates released last April). This is according to Istat data on gross domestic product and net borrowing of the general government. In 2023, GDP at market prices is 2,128,001 million euros at current prices, an upward revision of 42,625 million from last March’s estimate. For 2022, the GDP level is revised upward by 34,209 million euros. For 2021 the upward revision was 20,572 million. In 2023, the GDP volume rate of change is 0.7 percent, down 0.2 percentage points from the March estimate. Based on the new data, in 2022, volume GDP increased by 4.7 percent, up 0.7 percentage points; in 2021, it grew by 8.9 percent, a revision of +0.6 percentage points. In 2023, gross fixed capital formation increased by 8.5 percent in volume, domestic final consumption by 1.2 percent, exports of goods and services by 0.8 percent while imports fell by 0.4 percent. Value added in volume in 2023 decreased by 1.6 percent in industry in the narrow sense and 3.5 percent in agriculture, forestry and fishing, while it increased by 6.7 percent in construction and 1.1 percent in services. General government net borrowing as a ratio of GDP in 2023 is -7.2 percent (-8.1 percent in 2022), improved from the estimate published in April. The primary balance (net borrowing minus interest expenditure) is -3.5% of GDP.(ITALPRESS).
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