Italy’s economy grew by 1.1 percent in the second quarter from a year earlier on strong domestic demand, national statistics agency ISTAT said on Thursday.
It is recalled that in the preliminary estimate, GDP growth was measured at 1% on a quarterly basis.
On an annual basis, second quarter GDP was correspondingly revised to +4.7% from the initial 4.6%.
As the data showed, consumer spending and investment made a significant contribution to the growth of the Italian economy in the second quarter, overshadowing the slightly negative contribution of trade flows.
Meanwhile, first-quarter growth was confirmed at 0.1% quarter-on-quarter, while the annual rate was revised up to 6.3% from 6.2% previously reported.
In the second quarter, consumer spending rose 2.6 percent from the previous three months, while government spending fell 1.1 percent and investment rose 1.7 percent.
Imports rose 3.3%, offsetting a 2.5% increase in exports.
The preliminary estimate for the second quarter was already well ahead of estimates, even before today’s marginal upward revision, but a sharp slowdown is expected in the rest of the year due to rising energy costs.
Source: Capital
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