Italy’s economy grew by 6.6 percent in 2021, recovering from a record 9 percent contraction in 2020, as the country was severely hit by the coronavirus pandemic. It compares with 6.5 percent projections by Economy Minister Daniele Franco and the official target of 6.0 percent made last September. Gross fixed capital formation rose by 17 percent, final consumption expenditure by 4.1 percent and exports by 13.3 percent. Meanwhile, imports of goods and services increased by 14.5 percent. National demand, excluding changes in inventories, has contributed to GDP growth by 6.2 percentage points and net exports by 0.2 points. The contribution of changes in inventories was positive for 0.2 percentage points. Looking ahead, the Italian government outlined the growth of 4.7 percent for 2022, but the outlook has been clouded by a surge in energy prices and geopolitical turmoil connected to the war in Ukraine. source: National Institute of Statistics (ISTAT)
Full Year GDP Growth in Italy averaged 0.47 percent from 1996 until 2021, reaching an all time high of 6.60 percent in 2021 and a record low of -8.90 percent in 2020. This page includes a chart with historical data for Italy Full Year GDP Growth. Italy Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.
Full Year GDP Growth in Italy is expected to reach 3.10 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Italy Full Year GDP Growth is projected to trend around 2.40 percent in 2023 and 3.20 percent in 2024, according to our econometric models.