Italy's GDP decreases 0.4% in Q2 2023

06 Oct '23

1 min read

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Insights

In Q2 2023, Italy reported a 0.4 per cent quarter-on-quarter decline in GDP.
However, compared to the same period in 2022, there was a 0.3 per cent increase.
Notably, Italy saw a 1.2 per cent YoY rise in final consumption in Q2 2023, while exports slightly decreased.
The country's anticipated GDP growth rate for 2023 stands at 0.7 per cent.

The seasonally and calendar-adjusted chained volume measure of Italy's gross domestic product (GDP) for the second quarter (Q2) of 2023 experienced a decrease of 0.4 per cent, compared to the previous quarter, according to data from the Italian National Institute of Statistics (Istat). However, when set against figures from the second quarter of 2022, there was a slight uptick of 0.3 per cent.

A deeper examination of the quarter-on-quarter data reveals certain sectors remaining stagnant while others showed a decline. Specifically, final consumption expenditure remained unchanged, while the gross fixed capital formation saw a decline of 1.7 per cent. On the international trade front, while imports held steady, exports experienced a dip of 0.6 per cent.

When compared year-on-year against the second quarter of 2022, the economic landscape seems slightly more positive. Final consumption expenditure grew by 1.2 per cent, and imports increased by 1.1 per cent. Gross fixed capital formation remained stationary during this period. However, exports witnessed a minor reduction of 0.3 per cent, as per Istat.

Furthermore, the data indicates that the carry-over annual GDP growth rate for 2023 is expected to be 0.7 per cent.

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