In the third quarter GDP grew by 2,6% over the previous quarter and by 3,8% on an annual basis. Istat estimates it, specifying that the change acquired for 2021 is equal to +6,1%. GDP is expressed in chained values with the reference year 2015 and is corrected for calendar and seasonally adjusted effects.
“After a strong recovery in the second quarter of 2021 – comments the Institute of Statistics – in the third quarter of the year the Italian economy recorded still very sustained growth. The result benefited, for the second consecutive quarter, from a strong recovery in the market services sector, the most penalized by the crisis, and from growth in industry. 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”.
The trend increase in GDP, adds Istat, "is also marked in the third quarter of the year and follows the exceptionally large recovery of the second quarter, derived from the comparison with the minimum point of the second quarter of 2020. As of As usual, the preliminary estimate - warned by the Statistical Institute - is provisional in nature, as it is based on partly incomplete indicators and susceptible to revision in subsequent quarters, and mainly on an assessment of the supply components of GDP. The third quarter had three more working days than the previous quarter and the same number of working days compared to the third quarter of 2020. The cyclical change is the synthesis of a decrease in added value in the agriculture, forestry and fishing sector and an increase in both industry and services. On the demand side, there is a positive contribution from both the national component (gross of inventories) and the net foreign component”.
Also in the third quarter, in Germany GDP increased by 1,8%, disappointing analysts' estimates, which predicted a +2,2%. At the same time, however, the figure for the second quarter was revised upwards from +1,6% to +1,9%. On the other hand, the positive given French, with GDP rising by 3% in the third quarter of the year, over the 2,1% expected by the market, with a growth forecast for the whole of 2021 of 6,25%.
