Italy is racing on the road to recovery. This is confirmed by Istat which, after the preliminary estimate published on 30 July, also certifies in the final data for the second quarter a GDP growth of +2,7% compared to the previous quarter and by 17,3% compared to the second quarter of 2020. The change acquired for 2021 is equal to +4,7% (it was +4,8% in the July 30 estimate).
At the basis of the rise is “the strong recovery of production activity” which “reflects a marked increase in added value both in industry and in the tertiary sector”.
Going into detail, in the second quarter, compared to the previous three months, all the main aggregates of the internal question, with growth of 3,4% in national final consumption and 2,4% in gross fixed investments. Imports and exports increased by 2,3% and 3,2%, respectively.
National demand net of inventories provided a positive contribution of 3,1 percentage points to GDP growth: +2,8 points for consumption by households and Private Social Institutions ISPs, +0,5 points for gross fixed investments and - 0,2 points of public administration spending. Conversely, the change in inventories contributed negatively by 0,8 percentage points, while the contribution of net foreign demand was positive by 0,3 percentage points.
“On the demand side – comments Istat – the growth of the GDP was supported by the domestic components of consumption and investment whose contribution was +2,6 and +0,5 percentage points, while the foreign component provided a contribution of 0,3 points. The contribution of inventories is negative for 0,8 percentage points. Hours worked grew by 3,9% in economic terms, job positions by 1,9%, while per capita incomes were substantially stationary”.
Finally, the institute underlines the positive economic trend of the added value of industry and services, up by 1,6% and 2,9% respectively, while the added value of agriculture remained stable.
“GDP growth is driven by the historical result achieved by Made in Italy agri-food exports which record a record increase of + 23,1% in June with a projection in value on an annual basis estimated at 50 billion in 2021 ", comments Coldiretti. Ettore Prandini, president of the association, underlines instead that "with the Covid emergency, food has become Italy's first wealth for a value equal to 25% of GDP with 538 billion euros along the entire agri-food chain extended from field to table and as many as 4 million workers employed in 740 farms, 70 food industries, over 330 catering establishments and 230 retail outlets”.
