Italy's gross domestic product shrank 2 percent on quarter in the three months to December 2020, after a record growth of 16 percent in Q3 and compared with market consensus of a 2.2 percent contraction amid new COVID-19 related curbs on businesses and freedom of movement. Value-added declined in all main economic sectors: agriculture, forestry and fishing, industry and services. On the demand side, domestics demand and trade flows both contributed negatively to GDP. Year-on-year, the GDP shrank 6.6 percent, following a 5.1 percent slump in the third quarter. For full 2020, the economy contracted 8.8 percent, the most since World War II but less than the 9 percent contraction forecast by the Italian government. source: National Institute of Statistics (ISTAT)
GDP Growth Rate in Italy averaged 0.56 percent from 1960 until 2020, reaching an all time high of 16 percent in the third quarter of 2020 and a record low of -13 percent in the second quarter of 2020. This page provides - Italy GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Italy GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
GDP Growth Rate in Italy is expected to be -0.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Italy to stand at 1.20 in 12 months time. In the long-term, the Italy GDP Growth Rate is projected to trend around 0.60 percent in 2022 and 0.40 percent in 2023, according to our econometric models.