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Italy: GDP moderates in Q2 2015

September 1, 2015

In Q2 2015, GDP recorded 0.3% growth over the previous quarter in seasonally- and working-day adjusted terms, according to more detailed data released by the National Statistics Office (ISTAT) on 1 September. The reading matched the preliminary estimate and came in slightly below the 0.4% rise tallied in Q1. Q2’s result reflected a moderate increase in domestic demand as well as a slight improvement in the external sector’s contribution.

While private consumption swung from a 0.1% contraction in Q1 to a 0.4% expansion in Q2, government consumption deteriorated from a 0.1% increase to a 0.2% fall. Fixed investment dropped 0.3% (Q1: +1.2% seasonally adjusted quarter-on-quarter).

On the external side of the economy, growth in exports rose from 0.6% in Q1 to 1.2% in Q2. Imports expanded 2.2% in Q2 (Q1: +1.7% s.a. qoq). As a result, the external sector’s net contribution inched up from minus 0.3 percentage points in Q1 to minus 0.2 percentage points in Q2.

In annual terms, the economy grew 0.7% in Q2, which was above Q1’s 0.2% rise and was in line with the preliminary estimate. The reading was the highest since Q2 2011.

Panelists see the economy increasing 0.5% in 2015, which is up 0.1 percentage points from last month’s forecast. For 2016, panelists expect the economy to expand 1.1%.


Author:, Economist

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Italy GDP Chart


Italy GDP Q2 2015 1

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: National Statistics Institute and FocusEconomics Consensus Forecast.


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