GDP, Istat confirms growth of 2.6%, up by 3.9% on 2020
Istat confirms the growth estimates, while inflation still runs, hitting historical records, with the shadow of increases in energy and raw materials on the shoulders. In the third quarter of 2021 the gross domestic product (GDP), expressed in chain-linked values with reference year 2015, corrected for calendar effects and seasonally adjusted, increased by 2.6% compared to the previous quarter and by 3.9% compared to the third quarter of 2020. The cyclical growth of GDP spread on 29 October 2021 was also 2.6%, while the trend growth was 3.8%.
The third quarter of 2021, explains the statistical institute, had three more working days than the previous quarter and the same number of working days compared to the third quarter of 2020. The variation acquired for 2021 is equal to + 6.2%.
Compared to the previous quarter, all the main aggregates of domestic demand are increasing, with a 2.2% increase in national final consumption and 1.6% in gross fixed investments. Imports and exports grew by 2.1% and 3.4% respectively.
There national demand net of inventories contributed +2 percentage points to GDP growth: +1.7 points for the consumption of households and private ISP social institutions, +0.3 for gross fixed investments and a zero contribution to public administration (PA) expenditure.
The change in inventories also contributed positively to the change in GDP by +0.1 percentage points, while net foreign demand contributed by +0.5 percentage points. Positive economic trends were recorded for the added value of industry and services, which grew by 0.7% and 3.4% respectively, while the agriculture and fishing sector recorded a reduction of 2.1%.
Commenting on the data, Istat writes: “The complete estimate of the quarterly income statements confirms one sustained economic recovery of the Italian economy in the third quarter, in an amount equal to 2.6%, similarly to what is anticipated by the preliminary estimate. In trend terms, the growth compared to the third quarter of 2020 was equal to 3.9% (it was 3.8% in the preliminary estimate) “.
“The result benefited – explains the statistical institute – for the second consecutive quarter from a strong recovery in the market services sector, from an industry growth, while the agricultural sector was still in decline. On the demand side, private consumption mainly supported GDP growth, but significant contributions also came from investments and the foreign component. Hours worked grew by 1.4% in economic terms, job positions by 0.2%, while per capita incomes increased by 0.5% “.
(Inflation data in Italy …)
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