During the second quarter of 2022, the change in Italian GDP remained positive with a rate of 4.70%, after a deceleration compared to the last quarter. Regarding the labour market, the unemployment rate stood at 8.20%, while the year-on-year rate of job creation stood at 1.05%. As for the exchange rate, the euro depreciated against the US dollar compared to the previous quarter, with an average exchange rate of 1.07 $/€ during the second quarter of the year. Finally, inflation increased from the previous quarter to a rate of 6.72%.
Macroeconomic outlook report: Italy 2Q22
- During the second quarter of 2022, Italy's GDP registered a year-on-year rate of change of 4.70%, decreasing by 1.55 p.p. from the previous quarter. This rate decreased due to higher energy prices and global uncertainty.
- Regarding the labour market, the unemployment rate decreased by 0.40 p.p. from the previous quarter to 8.20%. Employment in Italy continued to register a positive year-on-year rate of change of 1.05%, three times lower than in the previous quarter.
- The euro depreciated against the US dollar during the second quarter, recording an average exchange rate of 1.07 $/€, five cents less per euro than in 1Q22.
- As for the price index, inflation registered a year-on-year growth rate of 6.72%, after increasing by 1.05 p.p. compared to 1Q22.
For more information, access the Macroeconomic Outlook Report of Italy 2Q22.