While Italy's GDP has recovered the
ground lost during the COVID-19 pandemic, the nation's
consumer-spending levels are still far behind, Confcommercio
President Carlo Sangalli told the retail association's annual
assembly on Wednesday.
"GDP today is 2.5% higher than in the fourth quarter of 2019,"
Sangalli said.
"We have more than recovered the pre-pandemic levels.
"But we remain behind on consumer spending. The average for 2022
is about 20 billion lower than 2019".
Sangalli blamed high levels of inflation, saying "it continues
to bite, eating into purchasing power".
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