GDP growth came close to 4 per cent in Italy, almost half a point more than the average for the euro area. The recovery in services, particularly marked in the summer, more than offset the decline in industrial and agricultural production recorded in the second half of 2022.
The baseline scenario presented in the Bank's January Economic Bulletin, which is necessarily indicative given the persistence of highly uncertain geopolitical conditions, shows that, following the decline of 0.1 per cent recorded in the fourth quarter of 2022, growth in the economy is likely to fall to 0.6 per cent this year.