Italy's 1.9% YoY GDP growth marks positive start to 2023

02 Jun '23

1 min read

Pic: Shutterstock/Bartolomiej Pietrzyk

Insights

In Q1 2023, Italy's GDP rose by 0.6 per cent QoQ and 1.9 per cent YoY.
Final consumption expenditure surged 0.7 per cent QoQ and 2.5 per cent YoY; gross fixed capital formation jumped by 0.8 per cent QoQ and 3.3 per cent YoY.
Imports and exports saw a QoQ decrease of 1 per cent and 1.4 per cent respectively, but YoY growth of 0.3 per cent and 2.1 per cent.

Italy’s seasonally and calendar adjusted, chained volume measure of Gross Domestic Product (GDP) increased by 0.6 per cent quarter-on-quarter (QoQ) in the first quarter (Q1) of 2023 and by 1.9 per cent year-on-year (YoY).

Compared to previous quarter, final consumption expenditure increased by 0.7 per cent, gross fixed capital formation increased by 0.8 per cent, whereas both imports and exports decreased, respectively by 1 per cent and 1.4 per cent, the Italian National Institute of Statistics (Istat) said in a press release.

With respect to Q1 2022, final consumption expenditure increased by 2.5 per cent, gross fixed capital formation by 3.3 per cent, imports by 0.3 per cent, and exports by 2.1 per cent. The carry-over annual GDP growth for 2023 is equal to 0.9 per cent.

Fibre2Fashion News Desk (NB)

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