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Italy's GDP rises 0.5% QoQ in Q1 2023

01 May '23
1 min read
Pic: Shutterstock/Bartolomiej Pietrzyk
Pic: Shutterstock/Bartolomiej Pietrzyk

Insights

  • Italy's GDP increased by 0.5 per cent in Q1 2023 compared to the previous quarter and by 1.8 per cent compared to the same quarter of the previous year.
  • The growth was driven by positive contributions from both the industry and services sectors and from both the domestic and net export components.
  • The carry-over annual GDP growth for 2023 is 0.8 per cent.
In the first quarter (Q1) of 2023, the seasonally and calendar adjusted chained volume measure of Italy’s gross domestic product (GDP) increased by 0.5 per cent quarter-on-quarter (QoQ) and by 1.8 per cent over the same quarter of the previous year, as per the Italian National Institute of Statistics (Istat).

The first quarter of 2023 has had two working days more with respect to the previous quarter and one more compared to the same quarter of the previous year, Istat said in a press release.

From the demand side, there is a positive contribution by both the domestic component (gross of change in inventories) and the net export component. The carry-over annual GDP growth for 2023 is equal to 0.8 per cent.

ALCHEMPro News Desk (NB)
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