Italy's gross domestic product shrank by 6.6 percent from a year earlier in the fourth quarter of 2020, following a 5.2 percent fall in Q3 and in line with preliminary estimates. Considering full 2020, the economy contracted by 8.9 percent, following a 0.3 percent expansion in 2019, as the country was severely hit by the coronavirus pandemic. It was the steepest contraction since World War II but less than the 9 percent contraction forecast by the Italian government. source: National Institute of Statistics (ISTAT)

GDP Annual Growth Rate in Italy averaged 2.19 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 -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 April of 2021.

GDP Annual Growth Rate in Italy is expected to be -4.30 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 2.90 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
-6.60 -5.20 10.30 -18.20 1961 - 2020 percent Quarterly
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Calendar GMT Actual Previous Consensus TEForecast
2020-12-01 09:00 AM YoY Final Q3 -5% -18% -4.7% -4.7%
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 -6.6% -4.3%
2021-06-01 09:00 AM YoY Final Q1 -6.6%
2021-07-30 08:00 AM YoY Adv Q2 14.2%
2021-08-31 08:00 AM YoY Final Q2


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.