Italy's Q1 2023 GDP rises by 0.6% over Q4 2022, by 1.9% YoY

16 Jun '23

2 min read

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Italy's GDP increased by 0.6 per cent quarter on quarter in the first quarter (Q1) this year and by 1.9 per cent year on year (YoY) during the same period.
Its labour input rose by 1.3 per cent in Q1 2023 compared to the previous quarter and by 3.3 per cent YoY.
The employment rate rose to 60.9 per cent, while the unemployment rate increased to 8 per cent.

Italy’s labour input, as measured by hours worked, increased by 1.3 per cent in the first quarter (Q1) this year compared to the previous quarter and by 3.3 per cent year on year (YoY). The country’s gross domestic product (GDP) increased by 0.6 per cent quarter on quarter and by 1.9 per cent YoY during the same period.

The number of employed people rose by 104,000 in Q1 2023 compared to Q4 2022—a 0.4 per cent rise.

The increase involves permanent employees (plus 92,000, a rise of 0.6 per cent) and self-employed (plus 27,000, a rise of 0.5 per cent), while temporary employees a slight decrease (minus 15,000, a fall of 0.5 per cent).

The employment rate rose to 60.9 per cent (a rise of 0.3 percentage points), the unemployment rate increased to 8 per cent (a rise of 0.1 percentage points), according to the official statistical agency Istat.

The provisional seasonally-adjusted data for April 2023 indicate a further increase in the number of employed people (plus 48,000, a rise of 0.2 per cent) compared to the previous month, along with a decrease in the number of unemployed (minus 14,000, a fall of 0.7 per cent).

On the enterprise side, on a quarterly basis, the growth of total employee jobs intensified, growing overall by 1.1 per cent, as a result of marked growth of the full-time component (plus 1 per cent) and an upward rise of the part-time component (plus 1.4 per cent).

Fibre2Fashion News Desk (DS)

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