2021.08.3114:59:00UTC+00Italy Q2 GDP Growth Confirmed At 2.7%

Italy's economy expanded for a second straight quarter and the pace of growth improved sharply, latest data from the statistical office ISTAT confirmed Tuesday.

Gross domestic product grew a seasonally and calendar adjusted 2.7 percent from the previous quarter after a 0.2 percent increase in the previous three months.

Compared to the same quarter last year, GDP rose 17.3 percent in the second quarter after a 0.7 percent fall in the first three months of the year. The latest growth was the first since the fourth quarter of 2019.

The initial estimates released on July 30 were thus confirmed.

Final consumption increased 3.4 percent from the first quarter and gross fixed capital formation grew 2.4 percent. Imports and exports rose 2.3 percent and 3.2 percent, respectively.

The carry-over annual GDP growth for 2021 is equal to 4.7 percent, ISTAT said.