Italy's gross domestic product shrank by 1.4 percent from a year earlier in the first quarter of 2021, following a 6.6 percent contraction in Q4 and compared to market expectations of a 1.6 percent decline, a preliminary estimate showed. On a quarterly basis, the economy contracted by 0.4 percent as the services sector was particularly hit by coronavirus curbs. Still, 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 Annual Growth Rate in Italy averaged 2.18 percent from 1961 until 2021, reaching an all time high of 10.30 percent in the fourth quarter of 1961 and a record low of -18.20 percent in the second quarter of 2020. This page provides the latest reported value for - Italy GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Italy GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.

GDP Annual Growth Rate in Italy is expected to be 14.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Italy to stand at 3.60 in 12 months time. In the long-term, the Italy GDP Annual Growth Rate is projected to trend around 3.80 percent in 2022 and 2.30 percent in 2023, according to our econometric models.

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Italy GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.40 -6.60 10.30 -18.20 1961 - 2021 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2021-02-02 09:00 AM YoY Adv Q4 -6.6% -5.1% -6.7% -6.7%
2021-03-01 11:00 AM Full Year GDP Growth 2020 -8.9% 0.3% -8.8%
2021-03-03 09:00 AM YoY Final Q4 -6.6% -5.2% -6.6% -6.6%
2021-04-30 08:00 AM YoY Adv Q1 -1.4% -6.6% -1.6% -1.2%
2021-06-01 09:00 AM YoY Final Q1 -6.6% -1.4% -1.4%
2021-07-30 08:00 AM YoY Adv Q2 14.2%
2021-08-31 08:00 AM YoY Final Q2
2021-10-29 08:00 AM YoY Adv Q3 3.5%

Italy GDP Annual Growth Rate
Italy is the second largest manufacturing economy in Europe and the third largest economy in the Euro Area. Composition of the GDP on the expenditure side: household consumption (61 percent), government expenditure (19 percent) and gross fixed capital formation (17 percent). Exports of goods and services account for 30 percent of GDP while imports for 27 percent, adding 3 percent to total GDP.