Italy's GDP falls by 0.3% in Q2 2023 over Q1

07 Aug '23

2 min read

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Insights

The seasonally- and calendar-adjusted, chained volume measure of Italian GDP fell by 0.3 per cent in Q2 this year over Q1.
Industrial production index rose by 0.5 per cent in June over May for the second time in a row.
Labour market conditions are favourable.
Sales value was up by 0.4 per cent in Q2, whereas its volume fell by 0.9 per cent compared with Q1.

The seasonally- and calendar-adjusted, chained volume measure of Italian gross domestic product (GDP) decreased by 0.3 per cent in the second quarter (Q2) this year with respect to Q1. The change is the result of a negative contribution by the domestic component and nil contribution by net exports.

On the supply side, industrial production index increased by 0.5 per cent in June with respect to May for the second time in a row.

In the period April-June, however, on average, the index decreased with respect to the previous three months.

Labour market conditions remain favourable in the country, the official statistical agency said in a release.

In June the number of employed people rose, while the unemployment rate declined to 7.4 per cent.

Exports in May decreased by 0.3 per cent compared to April and imports by 3 per cent. Exports decreased by 1.7 per cent for European Union (EU) countries and increased by 1.2 per cent for non-EU countries. Imports dropped both for EU countries (minus 1.7 per cent) and for non-EU countries (minus 4.5 per cent) in the month.

In June, exports to non-EU27 countries increased by 2.7 per cent year on year (YoY) and imports dropped by 41.1 per cent YoY.

In Q2 2023, the value of sales was up by 0.4 per cent, whereas its volume decreased by 0.9 per cent compared with the previous quarter.

Fibre2Fashion News Desk (DS)

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