Italy’s Gross Domestic Product (GDP) increased in the third quarter. The annual inflation rate in November, meanwhile, was stable in relation to the previous month but highest since 1984.
The Italian GDP increased by 0.5% in the third quarter of 2022 with respect to the previous three months. It was also up by 2.6% in comparison with the same period in 2021, ISTAT said on Wednesday.
The national statistics agency said the increase was driven by household spending and tourism, while industry was down. The carry-over annual GDP growth for 2022 is equal to 3.9%. The figures were in line with those the agency had given in preliminary estimates.
Italy’s annual inflation rate was 11.8% in November, stable with respect to October. However, it is still at the highest level since it was 11.9% in March 1984, according to ISTAT’s preliminary estimate.
The national statistics agency added its consumer price index was up 0.5% in month-on-month terms. This is down sharply from 3.4% in October.
“The stable growth on annual basis of all-item index was due to the offset of opposite dynamics,” ISTAT said.
“On the one hand, the prices of non-regulated energy products slowed down (from +79.4% to +69.9%), together with the prices of unprocessed food (from +12.9% to +11.3%) and of services related to transport (from +7,2% to +6.8%).
“On the other hand, the prices sped up of regulated energy products (from +51.6% to +56.1%), processed food including alcohol (from +13.3% to +14.4%), non-energy industrial goods (from +4.6% to +5.0%) and services related to recreation, including repair and personal care (from +5.2% to +5.5%)”.