The first signs of a slowdown in the downward trend of inflation and the receding financial turbulence have prompted the main central banks to continue the process of raising interest rates, albeit at a more moderate pace. In the first quarter, the Italian GDP showed, according to the preliminary estimate, an increase higher than that of the euro area, contributed by both domestic and foreign demand. The seasonally adjusted index of industrial production recorded a negative cyclical variation (-0.6%) in March for the third consecutive month, with a widespread decline in all sectors except for capital goods (+0.7%). In the first quarter, the indicator showed substantial stability compared to the previous three months. In the first quarter of 2023, the Italian GDP recorded a higher increase (+0.5% the cyclical variation, -0.1% at the end of 2022) than France and Germany and the euro area as a whole. The data synthesizes an increase in value added in the industry and services sector and a stationarity of agriculture. From the demand side, the contribution to GDP growth was positive for both the national and foreign components.
In March, employment continued to show a positive trend spread across various components. The unemployment rate decreased, while the inactivity rate stabilized (33.8%). In March, the good conditions of the Italian labor market were confirmed, with employment still growing (+0.1%, equivalent to +22,000 units). The increase was spread to both men and women (+0.1% for both components) and all age groups except 25-34-year-olds (-0.6%). The analysis by occupational position highlights an increase in the employment of both permanent and temporary employees, in contrast to the stability of the self-employed.
