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.