Italy's GDP estimated to drop 0.3% QoQ in Q2 2023

01 Aug '23

1 min read

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Insights

In Q2 2023, Italy's seasonally adjusted GDP decreased by 0.3 per cent QoQ and rose by 0.6 per cent compared to the same quarter in the previous year.
This change is attributed to a decline in value added in sectors like industry, offset by growth in services, as reported by ISTAT.
The carry-over annual GDP growth for 2023 is 0.8 per cent.

In the second quarter (Q2) of 2023, Italy’s seasonally and calendar adjusted, chained volume measure of gross domestic product (GDP) decreased by 0.3 per cent quarter-on-quarter (QoQ) and increased by 0.6 per cent over the same quarter of the previous year, as per a preliminary estimate of the GDP.

The QoQ change is the result of a decrease in value added in sectors including industry, in contrast to the growth in services, the Italian National Institute of Statistics (ISTAT) said in a press release.

From the demand side, there is a negative contribution by the domestic component (gross of change in inventories) and a null contribution by the net export component. The carry-over annual GDP growth for 2023 is equal to 0.8 per cent.

Q2 2023 has had three working days less than the previous quarter and one less than Q2 2022.

Fibre2Fashion News Desk (NB)

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