At the start of the conflict, over 40% of the country’s gas supplies came from Russia, meaning its energy sector was heavily exposed to shortages prompted by the barrage of sanctions imposed to thwart the invasion. The largely energydriven, global inflationary spike in 2022 further complicated Italy’s economic outlook, and price rises were not matched by a similar growth in wages. Nevertheless, Italy’s economic performance surprised to the upside last year and GDP growth outperformed many of its Eurozone peers, mainly thanks to the resilience of its domestic demand, household consumption and investments, as well as external demand and exports.

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