Italy's gross domestic product shrank 0.4 percent on quarter in the first three months of 2021, following a downwardly revised 1.8 percent contraction in the previous period and compared to market consensus of a 0.5 percent fall, a preliminary estimate showed. The services sector contracted after another wave of coronavirus cases led to the imposition of more restrictions on business during the first quarter of the year. Meantime, both industry and agriculture showed growth. On the expenditure side, exports were a drag on overall GDP while domestic demand increase. However, the second quarter looks like it will be brighter as the government eased curbs over much of the country from the start of this month as new infections gradually declined. Prime Minister Mario Draghi's government forecasts the economy to grow 4.5% this year while warning that the outlook remains highly uncertain depending on the development of the Covid-19 disease. source: National Institute of Statistics (ISTAT)
GDP Growth Rate in Italy averaged 0.55 percent from 1960 until 2021, reaching an all time high of 15.90 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 May of 2021.
GDP Growth Rate in Italy is expected to be 0.70 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 0.70 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.