GDP and General Government net borrowing

The National Institute of Statistics releases the estimates of Gross Domestic Product (GDP) and General Government debt in accordance with the definitions of the European System of Accounts (ESA95) and Council Regulation (EC) n. 479/2009.

In 2012, GDP at current prices decreased by 0.8% (to 1,565,916 millions of euro) compared with the previous year.

The chain-link volume measure of GDP fell by 2.4%, after an increase  by 0.4% in 2011.

The fall in GDP was due to a sharp contraction  in Gross fixed capital formation (-8.0%) and in Final consumption expenditure (-3.9%), partly offset by the increase in Exports (2.3%). Imports decreased by 7.7%.

General Government net borrowing was -47,446 millions of euro (-3.0% of GDP), with an improvement with respect to the previous year (-3.8% of GDP), while General Government debt reached 1,988,658 millions of euro (127.0% of GDP).