On Wednesday 15 May at 11.00 am at Palazzo Montecitorio, the President of Istat Francesco Maria Chelli illustrates the “Annual Report 2024. The situation of the country”.
Over the three-year period, the Italian economy grew more than the average of the EU27 and of France and Germany, among the largest economies in the Union. The growth was associated with the good performance of the labor market.
From the second half of 2021, like the other major European economies, Italy was faced with the rise in prices originating from imported raw materials, followed at the end of 2022 by a rapid cooling process, which strengthened in 2023. The inflationary episode it had differentiated effects on businesses and, in particular, on families – with wages that did not keep pace with inflation – reducing the purchasing power especially of the less well-off sections of the population.
The performance of recent years followed two decades in which the structure of the Italian economy adapted, with difficulty, to changes in the competitive context and the impact of the digital transition.
The production system, the Public Administration and individuals have shown significant progress in the use of information technologies, accelerated by the pandemic. However, some critical issues and delays remain, including in the development of digital skills.
Over the last 20 years, Italy has defended its positioning as an exporting country, but competition from emerging economies has put a significant part of the industries on which national specialization was based, which has gradually changed, into crisis. On the other hand, the slow development of knowledge-intensive tertiary activities, as well as a weak dynamic in service exports, was reflected in an increased dependence on foreign countries.
In this period, growth in economic activity and labor productivity have been particularly weak, compared both to historical experience and to other major European economies. The recent recovery in investment activity, particularly in the intangible component, if sustained, could contribute to improving our country’s growth prospects in the coming years.
