We are preparing to close a record 2022. Despite the growth in inflation, the high energy price and the boom in raw material prices have created many problems for households and businesses, in the last 12 months (third quarter 2022 over third quarter 2021), Italian economic growth has been double to that recorded by our main commercial competitors in the euro area. In fact, if in our country the GDP (based on 100 in the third quarter of 2021) increased by 2,6 per cent, in Germany it grew by half (+1,3 per cent) and in France by an even lesser extent (+ 1 percent). Also in the same period, the average of the Euro-19 area rose by 2,3 per cent.
In short, this year we have "defeated" everyone, proving that we have successfully left the pandemic crisis behind us. Of course, 2023 will be a difficult year: in fact, very worrying winds of crisis are blowing across Europe. However, with an economy that has definitely strengthened in the last two years, we should have fewer problems than the others in facing this new adverse scenario. To say it is the Research Office of the CGIA.
In the post Covid we have no rivals
Although the economic effects caused by the pandemic in 2020 were more negative in Italy (-9 per cent of GDP) than in Berlin (-3,7 per cent) and Paris (-7,8 per cent), even by widening the arc observation period (third quarter 2020 over third quarter 2022), our country's score was higher than that of our competitors. If in Italy the GDP (based on 100 in the third quarter of 2020) increased by 7,5 percent, in France the increase was 4,6 percent and in Germany by 3,2 percent. In the Euro-19 area, on the other hand, it reached 6,3 percent.
Services and industry are driving the recovery
Recalling that given 100 of the Italian GDP, 73 per cent is attributable to services (Public administration, commerce, tourism, business and personal services, etc.), 20 per cent to industry, 5 per cent to construction and the 2 percent to the primary sector (agriculture, fishing, etc.), in the first 9 months of this year national wealth increased by 4,4 percent. The major contributions to growth are to be ascribed, in particular, to the most significant sectors of our economy. Although the data are partly "conditioned" by the increase in prices, in the first nine months of 2022 the turnover of services rose by 15,3 per cent and that of industry by 19,4 per cent, while production in construction increased by 14,1 percent.
Boom in turnover for air transport and travel agencies
An analysis of the sub-sectors shows that in services the 2022 turnover on that of 2021 ((data relating to the average of the first 9 months of each year) of air transport and travel agencies-tour operators has more than doubled. In the first case , the increase was 102,8 percent, in the second case even 123,2 percent, but despite these growth rates, these two sectors still suffer from a significant gap compared to pre-Covid levels.
Finally, in the manufacturing sector, the results of the increase in the production of technological products (+7,4 per cent), petroleum products (+8,4 per cent), pharmaceuticals (+8,7 per cent) and textiles stand out -clothing (+9 percent).
