Italy’s economy grows 0.9 pct year-on-year in Q2: ISTAT

ROME, Sept. 2 (Xinhua) — Italy’s economy grew by 0.9 percent in the second quarter of this year compared to the same period in 2023, the country’s National Institute of Statistics (ISTAT) said on Monday.
According to seasonal and calendar-adjusted data, the gross domestic product (GDP) increased by 0.2 percent against the first quarter of this year.
The latest data provides a moderately optimistic picture of the Italian economy, considering the first quarter saw a 0.3 percent growth against the previous quarter, and a 0.7 increase on an annual basis.
However, ISTAT slightly lowered its carry-over annual GDP growth forecast for 2024 to 0.6 percent from 0.7 percent estimated in July.
Major factors behind Q2 growth were the positive contribution provided by inventories, which outbalanced the negative impact of net foreign demand, and the domestic demand components “thanks to the positive contribution of both household consumption and investment,” according to the statistical agency.
A recent separate ISTAT report also showed moderate optimism among companies operating in Italy, with business confidence in August growing from 94.3 to 94.7.
It was the first time Italy’s business climate index has risen after decreasing for four months in a row (from April to July), ISTAT explained.
However, Italian consumer confidence went down (from 98.9 to 96.1) in August for the first time since May, the agency added in the same report. ■