Italy GDP Growth Rate

The Gross Domestic Product (GDP) in Italy expanded 0.10 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Italy is reported by the National Institute of Statistics (ISTAT). GDP Growth Rate in Italy averaged 0.63 Percent from 1960 until 2013, reaching an all time high of 6 Percent in the first quarter of 1970 and a record low of -3.50 Percent in the first quarter of 2009. Italy has the eighth 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. After joining the European Union in 1952, Italy experienced several decades of growth rates above 4 percent. Yet, after 1992, the expansion rates went below EU average. Since then, the government has been trying to revive the economy by increasing public spending. As a result, the public debt and budget deficit have reached unsustainable levels and the country is facing tough austerity measures and the second recession in four years. This page provides - Italy GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-25

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.10 -0.10 6.00 -3.50 0.27 | 2014/03 1960 - 2013 Percent Quarterly

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Italy GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-11-14 09:00 AM Italy
GDP Growth Rate QoQ
Q3 2013 -0.1% -0.3% -0.1% -0.22%
2013-12-10 10:00 AM Italy
GDP Growth Rate QoQ F.
Q3 2013 0.0% -0.3% -0.1% -0.22%
2014-02-14 09:00 AM Italy
GDP Growth Rate QoQ Adv
Q4 2013 0.1% 0.0% (R) 0.1% 0.2%
2014-03-11 09:00 AM Italy
GDP Growth Rate QoQ Final
Q4 2013 0.1% -0.1% (R) 0.1% 0.1%
2014-05-15 09:00 AM Italy
GDP Growth Rate QoQ Adv
Q1 2014 0.1% 0.27%
2014-06-10 09:00 AM Italy
GDP Growth Rate QoQ Final
Q1 2014 0.1% 0.27%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Constant Prices 341064.20 2013-11-15 340202.00 374371.90 294839.30 339097.87 2014-03-31 EUR Million [+]
Gross Fixed Capital Formation 58470.20 2013-11-15 57972.20 79634.80 52865.10 57566.26 2014-03-31 EUR Million [+]
GDP per capita 28374.76 2012-12-31 29156.29 31263.50 9009.41 27406.38 2014-06-30 USD [+]
GDP per capita PPP 26327.59 2012-12-31 27052.74 29007.91 18814.44 25429.07 2014-06-30 USD [+]
GDP Growth Rate 0.10 2013-12-31 -0.10 6.00 -3.50 0.27 2014-03-31 Percent [+]
GDP Annual Growth Rate -0.90 2013-12-31 -1.90 10.30 -6.90 -0.75 2014-03-31 Percent [+]
GDP 2013.30 2012-12-31 2192.40 2307.30 40.40 1872.22 2014-06-30 USD Billion [+]
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Italian GDP Growth Confirmed in Q4

Italian economy returned to growth in the last three months of 2013. Final estimates confirmed the GDP advanced 0.1 percent on a quarter-on-quarter basis, driven by exports and a marginal recovery in investments.

Compared to the third quarter of 2013, final consumption expenditure was unchanged, gross fixed capital formation increased by 0.9 percent, imports by 0.2 percent and exports by 1.2 percent.

Domestic demand excluding inventories contributed 0.1 percentage points to the GDP growth: there was no contribution from household consumption and government expenditure but gross fixed investment was positive at 0.1 percent. Changes in inventories had a negative contribution (-0.4 percentage points), while net foreign demand made a positive contribution of 0.3 percentage points.

On the production side, agricultural output expanded 0.8 percent and industrial production excluding construction increased 0.1 percent. Services showed no growth and construction contracted 0.7 percent.  

With respect to the fourth quarter of 2012, the GDP growth was revised down to - 0.9 percent versus a preliminary 0.8 percent contraction. Final consumption expenditure decreased by 1.1 percent, gross fixed capital formation by 2.4 percent and imports by 0.1 percent, while exports increased by 1.0 percent.

Considering full 2013, the economy shrank a revised 1.8 percent, up from a preliminary 1.9 percent decline. 

Istat | Joana Taborda | joana.taborda@tradingeconomics.com
3/11/2014 9:45:12 AM

RECENT RELEASES

Italian Economy Returns to Growth in Q4
Italian GDP advanced 0.1 percent on a quarter-on-quarter basis in the last three months of 2013. It was the first expansion since mid-2011, the preliminary estimates showed. Published on 2014-02-14

Italian Economy Stagnates in Q3
In the third quarter of 2013, Italy's GDP stagnated, ending eight straight quarters of contraction. Strong inventory accumulation led to an upward revision of the GDP, from a negative 0.1 percent growth for the three months ended in September. Published on 2013-12-10


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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