In the third quarter of 2017, Italy's GDP increased by 0,5% compared to the previous three months and by 1,8% on an annual basis, the highest value since the beginning of 2011. From the trough, GDP grew by over 4%, benefiting from the positive dynamics in the sector of services, which, over the past four years, have recovered much of what they had previously lost, explaining about 85% of the overall growth. On the other hand, the recovery is more gradual manufacturing, while the construction delay remains above 30%.
In services, the recovery developed with differences between individual sectors. Support for growth came from trade, while transport continued to suffer. In the past three years, the added value in the services sector of accommodation and catering it increased by over 7%, providing, between 2013 and 2016, a contribution to the overall growth of the economy equal to almost half that of the entire manufacturing sector.
The resumption of services is explained both in consumption growth that inincrease in exports. Household spending on services has grown much faster than that on goods. In comparison with 2006, the former presents a gain of 4,5%, the latter a delay close to 12%. Over the past seven years, exports have increased by more than 30%. In 2016, the value of services provided by Italian companies to non-residents exceeded 90 billion euros, thanks in particular to the growth that has affected the travel sector. The income deriving from the stay of foreigners in Italy exceeded 36 billion, with an increase of more than 15% compared to 2007.
With just over 36 billion euros in revenues, the result of the arrival of over 85 million international travellers, in 2016 Italy absorbed 3,3% of the 1.089 billion moved worldwide for travel, ranking sixth after United States, Spain, Thailand, China and France. In terms of GDP, the situation changes considerably: the first country by weight of tourist revenues within its economy is Thailand with 12,3%, while Italy with 2,2% is in fifth place, gaining one position and overtaking France (1,7%).
