Italy's GDP grew by 2021% in 6,5 compared to 2020, an increase than in our country not seen since way back in 1976. This was announced by Istat, which on Monday released its estimates for the fourth quarter of last year, which closed with an increase of 0,6% on a quarterly basis and 6,4% on a yearly basis. Data are corrected for calendar effects.
Istat's note on GDP 2021
“The Italian economy registers for the fourth consecutive quarter an expansion, albeit at a more moderate pace than in previous periods – we read in the Istat note – Also on the trend side, growth was very sustained, exceeding 6 percentage points. The preliminary estimate which is, as always, provisional in nature, reflects on the supply side a further development of the industry and services sector, and a decline in that of agriculture”.
In detail, the cyclical change is “the synthesis of a decrease in added value in the agriculture, forestry and fishing sectors and an increase in both industry and services – continues Istat – On the side of demand, there is a positive contribution from the national component (gross of inventories) and a negative contribution from the net foreign component".
According to the Institute, if the economy continues to grow at the pace of the last quarter of 2021, in the first quarter of this year GDP will return to pre-Covid levels, those recorded in the fourth quarter of 2019.
Draghi's comment
The Prime Minister, Mario Draghi, opening the meeting of the Council of Ministers yesterday, spoke of the 2021 GDP numbers communicated by Istat: "I want to express my satisfaction with the growth data that came out today: +6,5% in 2021 – said the chief executive – They are the product of the global recovery, but also of the measures put in place by the government, starting with the vaccination campaign and by economic support policies".
The note of the Mef
The Ministry of Economy specified in a note that “the expansionary impact of the fiscal policy will continue to unfold throughout this year and to this will be added the initial effect of the National Recovery and Resilience Plan. While not underestimating the factors of uncertainty that exist at an international level, the Government's objective remains that of achieving GDP growth of more than 2022% in 4. Today's estimates by Istat confirm that in 2021 GDP grew by 6,5%, recovering most of the fall recorded in 2020. This growth was made possible not only by the recovery of the world economy, but also by the vigorous actions of support to businesses and families implemented by the Government and the success of the vaccination campaign and other measures to control the epidemic from Covid-19. The recrudescence of the pandemic is causing a temporary slowdown in the activity of some economic sectors and the high energy price is an undoubted risk factor. However, the national epidemic situation is improving and the Government has already repeatedly intervened to cushion the rise in gas and electricity prices for businesses and households. Further actions are under consideration."
