Italy's economy shrank by a record 17.3 percent year-on-year in the second quarter of 2020, entering a steep recession and compared to market expectations of a 18.7 percent fall, a preliminary estimate showed, as coronavirus-induced lockdowns hit activity and consumption.

GDP Annual Growth Rate in Italy averaged 2.26 percent from 1961 until 2020, reaching an all time high of 10.30 percent in the fourth quarter of 1961 and a record low of -17.30 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 August of 2020. source: National Institute of Statistics (ISTAT)

GDP Annual Growth Rate in Italy is expected to be -10.30 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 16.20 in 12 months time. In the long-term, the Italy GDP Annual Growth Rate is projected to trend around 2.90 percent in 2021 and 2.00 percent in 2022, according to our econometric models.

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Italy GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-17.30 -5.50 10.30 -17.30 1961 - 2020 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2020-03-04 09:00 AM YoY Final Q4 0.1% 0.5% 0% 0%
2020-04-30 10:00 AM YoY Adv Q1 -4.8% 0.1% -5.1% -4.2%
2020-05-29 08:00 AM YoY Final Q1 -5.4% 0.1% -4.8% -4.8%
2020-07-31 08:00 AM YoY Adv Q2 -17.3% -5.5% -18.7% -18%
2020-08-31 08:00 AM YoY Final Q2 -5.5% -17.3% -17.3%
2020-10-30 11:00 AM YoY Adv Q3 -10.3%
2020-12-01 09:00 AM YoY Final Q3 -10.3%

News Stream
Italy GDP Annual Growth Slows to 5-Year Low
Italy's economy grew 0.3 percent in 2019, following an expansion of 0.8 percent in 2018 and compared to the government's most recent official forecast of 0.1 percent. That was the weakest growth rate since 2014. Considering the fourth quarter, the economy stalled as household consumption and government spending were flat while a positive contribution from investment was offset by inventory changes. For 2020, the GDP growth is expected at 0.6 percent, but many analysts are predicting a contraction as an outbreak of coronavirus which erupted in northern Italy has heavily disrupted activity.
Italian Economy Stalls in Q2
Italy's economy stagnated in the second quarter of 2019, after a 0.1 percent growth in the previous three-month period and in line with a preliminary estimate and market expectations, final data showed. A contraction in industrial and agriculture activities offset a rise in the services sector. On the expenditure side, trade, household consumption and government spending made zero contribution to growth while a positive contribution from investment was offset by inventories.

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.