As national restrictions to fight the COVID-19 pandemic crisis were progressively lifted in 2021, Italy experienced positive economic growth throughout the year. In 2021-Q4, GDP grew by 0.57 percent relative to 2021-Q3 and by 6.19 percent relative to 2020-Q4. The national unemployment rate was stable at 9.13 percent, slightly lower (-0.64 percentage points) than in the same quarter of the previous year. Prices increased by 1.18 percent relative to the previous quarter and by 3.54 percent relative to the same period of the previous year. According to the OECD economic outlook, GDP is expected to continuously grow and to stabilize at an annual growth rate of about 4.0 percent in 2023. Unemployment is expected to decline significantly from mid-2022, reaching about 8.30 percent by the end of 2023. Finally, inflation will gradually decline and stabilize at around 1.5 percent in 2023.

April 2022