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Financial News: Italy Q2 GDP Grows Faster Than Estimated

Italy Q2 GDP Grows Faster Than Estimated

09/01/2022 - 08:47:00 (RTTNews)

(RTTNews) - Italy's economy grew slightly faster than estimated initially in the second quarter, underpinned by domestic demand and trade, latest figures from the statistical office ISTAT showed Thursday.

Gross domestic product grew 1.1 percent from the previous quarter, which was revised from 1.0 percent reported late July. The latest growth was the strongest since the third quarter of 2021.

The Italian economy expanded just 0.1 percent in the first three month of the year.

The final consumption expenditure and gross fixed capital formation increased 1.7 percent each. Imports grew 3.3 percent and exports rose 2.5 percent.

On a year-on-year basis, GDP grew 4.7 percent in the second quarter, which was revised from 4.6 percent reported initially. In the first quarter, the economy expanded 6.3 percent. The latest pace was the weakest since the third quarter of last year.

Consumption increased 3.3 percent annually and investments rose 11.3 percent. Imports climbed 17.1 percent, and exports rose 12.3 per cent.

The carry-over annual GDP growth for 2022 is equal to 3.5 percent, ISTAT said.

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