Final consumption expenditure, a critical indicator of household spending, decreased by 0.3 per cent in Q2 from the previous quarter. At the same time, the country witnessed a decline in gross fixed capital formation by 1.8 per cent, suggesting a lower level of investment in fixed assets like machinery and buildings. Furthermore, both imports and exports dropped by 0.4 per cent compared to the last quarter, reflecting subdued international trade activities.
On a more positive note, the data indicated that when compared to the same period in 2022, final consumption expenditure rose by 1 per cent, and exports increased by 0.4 per cent. However, imports and gross fixed capital formation saw decreases of 0.4 per cent and 0.6 per cent, respectively, the report said.
The carry-over annual GDP growth for Italy in 2023 is expected to be +0.7 per cent.
ALCHEMPro News Desk (KD)
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