Italy's gross domestic product shrank 1.9 percent on quarter in the three months to December 2020, less than preliminary estimates of a 2 percent contraction and after a record growth of 15.9 percent in Q3. Consumer spending fell 2.7 percent while government spending rose 1.5 percent and investments edged up 0.2 percent. Net foreign demand contributed negatively to growth, as exports increased 1.3 percent while imports rose at a faster 5.4 percent. On the production side, contractions were seen in all main industries: agriculture, forestry and fishing (-2.8 percent), industry (-0.7 percent) and services (-2.3 percent). Year-on-year, the GDP shrank 6.6 percent, following a 5.2 percent slump in the third quarter and in line with earlier estimates. Considering full 2020, the economy contracted by 8.9 percent, the steepest contraction since World War II. 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 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 April 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.