The Gross Domestic Product (GDP) in Italy contracted 0.34 percent in the second quarter of 2023 over the previous quarter. source: National Institute of Statistics (ISTAT)

GDP Growth Rate in Italy averaged 0.56 percent from 1960 until 2023, reaching an all time high of 14.50 percent in the third quarter of 2020 and a record low of -12.10 percent in the second quarter of 2020. This page provides - Italy GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Italy GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

GDP Growth Rate in Italy is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Italy GDP Growth Rate is projected to trend around 0.30 percent in 2024, according to our econometric models.

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Italy GDP Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-05-31 08:00 AM QoQ Final Q1 0.6% -0.1% 0.5% 0.5%
2023-07-31 08:00 AM QoQ Adv Q2 -0.3% 0.6% 0% 0.2%
2023-09-01 08:00 AM QoQ Final Q2 0.6% -0.3% -0.3%


Related Last Previous Unit Reference
GDP Growth Rate -0.34 0.60 percent Jun 2023
GDP Annual Growth Rate 0.55 1.90 percent Jun 2023
GDP Constant Prices 439458.10 440960.60 EUR Million Jun 2023
Gross Fixed Capital Formation 96013.00 95221.00 EUR Million Mar 2023
Full Year GDP Growth 3.70 7.00 percent Dec 2022
GDP from Services 294363.70 292023.80 EUR Million Mar 2023
GDP from Manufacturing 75428.70 75548.90 EUR Million Mar 2023
GDP from Construction 21870.10 21550.20 EUR Million Mar 2023
GDP from Agriculture 7593.70 7591.90 EUR Million Mar 2023

Italy GDP Growth Rate
Italy is the ninth largest economy in the world and the third largest in the Euro Zone. The country has a diversified industrial base driven in large part by manufacturing of high-quality consumer goods. 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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.34 0.60 14.50 -12.10 1960 - 2023 percent Quarterly
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News Stream
Italian GDP Unexpectedly Contracts in Q2
Italy’s GDP contracted by 0.3% quarter-on-quarter in the three months leading to June 2023, cutting the 0.6% expansion from the previous period and underperforming market expectations of a stall, according to flash estimates. The result was in line with the slowing momentum of European growth, as output declines in the primary and industrial sectors offset moderate growth for services. The data also suggested that the Italian economy is showing more vulnerability to the ECB’s aggressive tightening campaign, magnifying its high-debt concerns. On a yearly basis, the Italian GDP expanded by 0.6% in the period, notching its 10th consecutive period of growth, albeit the slowest. Still, officials expect robust growth for the Italian economy in the year. Prior to the preliminary second quarter data, the Bank of Italy forecasted the Italian GDP to expand by 1.3% in 2023, compared to 1.2% expansions forecasted by the European Commission and PM Meloni’s cabinet.
2023-07-31
Italian GDP Expands More than Expected
Italy’s gross domestic product expanded by 0.6% quarter-on-quarter in the three months leading to March 2023, rebounding from the 0.1% contraction in the previous quarter and revised upwards from preliminary estimates of a 0.5% growth rate. The result underscored the significant resilience of the Italian economy to the series of rate hikes by the ECB, despite the country’s soaring debt levels. The expansion was led by higher consumption expenditure for households (0.7% vs -1.1% in Q4 2022) and government agencies (1.2% vs 0.5%). The GDP was also supported by the growth of gross fixed capital formation (0.8% vs 2%). On the other hand, net foreign demand negatively impacted the Italian GDP growth, as exports contracted by 1.4% and imports contracted by 1%. Compared to the corresponding period of the previous year, the economy expanded by 1.9%, picking up from the 1.4% growth rate in the fourth quarter.
2023-05-31
Italian GDP Expands More than Expected
Italy’s gross domestic product expanded by 0.5% quarter-on-quarter in the three months leading to March of 2023, rebounding from the 0.1% contraction in the previous quarter and well above market expectations of a 0.2% growth rate. The result pointed to a significant resilience from the Italian economy to the series of interest rate hikes by the European Central Bank, despite the country's soaring debt levels, as inflation eased from multi-decade highs and both consumer and business activity recovered. Growth was led by the industry and services sectors, while agriculture, fishing, and extractive industries were broadly stagnant. On the demand side, growth was supported by a positive change in inventories and net foreign demand. On an annual basis, the Italian GDP expanded by 1.8% from the previous year. Also, the result implies a carry-over annual GDP growth of 0.8% for 2023.
2023-04-28