Italy's GDP shrank by 12.8 percent on quarter in the three months to June 2020, compared to a preliminary reading of a 12.4 percent plunge and following a revised 5.5 percent contraction in the previous period. That was the steepest pace of contraction since comparable series began in the 1960s as the country was one of the hardest hit by the coronavirus pandemic. The government was forced to introduce rigid restriction measures from March 9th, which were only gradually eased from May 4th. Both consumer spending (-6.7 percent vs -4 percent in Q1) and gross fixed capital formation (-2.6 percent vs -1.4 percent) declined at a faster pace, while government expenditure went down 0.2 percent, the same as in the prior period. Also, external demand contributed negatively to the GDP (-2.4 percent). Year-on-year, the economy contracted a record 17.7 percent, entering a steep recession.

GDP Growth Rate in Italy averaged 0.50 percent from 1960 until 2020, reaching an all time high of 6 percent in the first quarter of 1970 and a record low of -12.80 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 September of 2020. source: National Institute of Statistics (ISTAT)

GDP Growth Rate in Italy is expected to be 7.50 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 1.90 in 12 months time. In the long-term, the Italy GDP Growth Rate is projected to trend around 1.60 percent in 2021 and 0.60 percent in 2022, according to our econometric models.

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Italy GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-12.80 -5.50 6.00 -12.80 1960 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-04-30 10:00 AM QoQ Adv Q1 -4.7% -0.3% -5% -5.4%
2020-05-29 08:00 AM QoQ Final Q1 -5.3% -0.2% -4.7% -4.7%
2020-07-31 08:00 AM QoQ Adv Q2 -12.4% -5.4% -15% -13.2%
2020-08-31 08:00 AM QoQ Final Q2 -12.8% -5.5% -12.4% -12.4%
2020-10-30 11:00 AM QoQ Adv Q3 -12.8% 7.5%
2020-12-01 09:00 AM QoQ Final Q3 -12.8% 7.5%


News Stream
Italy GDP Contraction Revised Higher
Italy's GDP shrank by 12.8 percent on quarter in the three months to June 2020, compared to a preliminary reading of a 12.4 percent plunge and following a revised 5.5 percent contraction in the previous period. That was the steepest pace of contraction since comparable series began in the 1960s as the country was one of the hardest hit by the coronavirus pandemic. The government was forced to introduce rigid restriction measures from March 9th, which were only gradually eased from May 4th. Both consumer spending (-6.7 percent vs -4 percent in Q1) and gross fixed capital formation (-2.6 percent vs -1.4 percent) declined at a faster pace, while government expenditure went down 0.2 percent, the same as in the prior period. Also, external demand contributed negatively to the GDP (-2.4 percent). Year-on-year, the economy contracted a record 17.7 percent, entering a steep recession.
2020-08-31
Italy Posts Unprecedented GDP Slump in Q2
Italy's gross domestic product shrank by 12.4 percent on quarter in the three months to June 2020, following a revised 5.4 percent contraction in the previous period and compared to market expectations of a 15 percent fall, a preliminary estimate showed. That was the steepest pace of contraction since comparable series began in the 1960s as the country was one of the hardest hit by the coronavirus pandemic. The government was forced to introduce rigid restriction measures from March 9th, which were only gradually eased from May 4th.
2020-07-31
Italy Q1 GDP Contracts More than Expected
Italy’s GDP shrank 5.3 percent on quarter in the three months to March of 2020, down from earlier estimates of a 4.7 percent drop as the country was the epicenter of the coronavirus pandemic during March. It follows a downwardly revised 0.2 percent contraction in the previous period, entering recession. It was the steepest contraction since comparable records began in 1995. Year-on-year, the economy contracted 5.4 percent, more than preliminary estimates of 4.8 percent decline and following a 0.1 percent expansion at the end of 2019.
2020-05-29
Italy Q1 GDP Contracts at Record Pace
Italy’s GDP shrank 4.7 percent on quarter in the three months to March of 200, following a 0.3 percent contraction in the previous month and entering a recession, preliminary estimates showed. It was the steepest contraction since comparable records began in 1995 and compared to market expectations of a 5 percent decline, as the country was severely hurt by the coronavirus pandemic during March. On the production side, contractions were seen in all main industries: agriculture, forestry and fishing, industry and services. From the demand side, both the domestic and external demand contributed negatively to the GDP. Year-on-year, the economy contracted 4.8 percent, the most since Q3 2009 and following a 0.1 percent expansion at the end of 2019.
2020-04-30

Italy GDP Growth Rate
Italy is the ninth largest economy in the world and the third largest in the Euro Zone. The country has a diversified industrial base driven in large part by manufacturing of high-quality consumer goods. 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.