It is estimated that in the second quarter of 2023, the gross domestic product (GDP), expressed in chained values with 2015 as the reference year, adjusted for calendar effects and seasonally adjusted, decreased by 0.3% compared to the previous quarter and increased by 0.6% in trend terms. These are the preliminary GDP estimates released yesterday by Istat, the Italian National Institute of Statistics, for the second quarter, which had three fewer working days than the previous quarter and one less than the second quarter of 2022. "This result, whose preliminary nature must be emphasized, is due to a decline in both the primary and industrial sectors, compared to a moderate growth in the services sector," explained Istat in a comment note. "In terms of acquired variation, for 2023 growth stands at 0.8% in the second quarter, slightly lower than the value of 0.9% in the first quarter." The good news is that inflation has continued to slow in July, falling to +6% from +6.4% in June and returning to the level seen in April 2022. The Ministry of Economy and Finance, on the other hand, assured that "the Government will continue to work to ensure the implementation of public investments and the NRRP to support growth and encourage further falls in inflation."
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