Italy – Scenario 2022-2023: facing the setback of the conflict in Ukraine

Italy – Scenario 2022-2023: facing the setback of the conflict in Ukraine
  • 2021: record growth
  • Gas: the Achilles heel of the boot
  • The economy tested by soaring prices
  • 2022 scenario outlook

In resume

After record growth in 2021, the outbreak of the war in Ukraine is weakening the Italian economic recovery. Against the backdrop of a global slowdown, Italy is facing a double shock: confidence and prices. What is the outlook for 2022?

Italy – Scenario 2022-2023: facing the setback of the conflict in Ukraine

The initial effects of the Russia-Ukraine conflict on confidence were already tangible in March. The outbreak of the war and the surge in commodity prices led to a decline in business confidence in all sectors, with the exception of construction. Driven by energy prices that more than doubled compared to February 2021, production costs were up more than 35% YoY in Q1 2022.

Sofia TOZY, Economiste