Italy Q2 GDP confirmed at 0.2% q/q, 0.9% y/y

Rome: Italy’s economy grew by 0.2% in the second quarter from the previous three months, national statistics bureau ISTAT said on Monday, confirming a preliminary estimate.

On a year-on-year basis, second quarter gross domestic product (GDP) was confirmed at 0.9%.

In January-March, the economy had grown by 0.3% on a quarterly basis and by 0.6% from the previous year.

Between April and June services supported growth, whereas both industry and agriculture showed a decrease in output, according to ISTAT.

The GDP growth in the second quarter was mainly supported by inventory changes and, to a minor extent by domestic demand, offset by negative net exports.

Prime Minister Giorgia Meloni hailed the economic data, writing on X that positive growth figures were the consequences of the “serious choices” made by her government.

ISTAT said “acquired” growth at the end of the second quarter was at 0.6% – meaning that if GDP stayed flat for the rest of 2024, full-year growth would still come in at 0.6%.

Most analysts expect a full-year GDP growth rate of between 0.7% and 1%, broadly in line with last year’s 0.9% rate and with a government forecast of 1%.