In the second quarter of 2021, gross domestic product increased by 2.7% compared to the previous quarter and by 17.3% compared to the second quarter of 2020. beginning of the current time series, i.e. from 1995.
Estimates released on 30 July 2021 – explains Istat – which had recorded similar changes both in economic terms and trends. The second quarter of 2021, it is specified, had one more working day than both the previous quarter and the second quarter of 2020. The variation acquired for 2021 is equal to + 4.7%.
The strong recovery in production, explains ISTAT, reflects a marked increase in added value both in industry and in the tertiary sector. The internal components of consumption and investments supported the growth (+2.6 and +0.5 percentage points), while the foreign component provided a contribution of 0.3 points. The contribution of inventories was negative (0.8 points). Hours worked grew by 3.9% in economic terms, job positions by 1.9%, per capita incomes were stationary.
Compared to the previous quarter, all the main aggregates of domestic demand recorded an expansion, with an increase of 3.4% in national final consumption and 2.4% in gross fixed investments. Imports and exports increased by 2.3% and 3.2% respectively. National demand net of inventories provided a positive contribution of 3.1 percentage points to GDP growth: +2.8 points for household consumption and private ISP social institutions, +0.5 points for gross fixed investments and – 0.2 points of the expenditure of the Public Administrations (PA).
On the other hand, the change in inventories contributed negatively by 0.8 percentage points, while the contribution of net foreign demand was positive by 0.3 percentage points. Positive economic trends were recorded for the added value of industry and services, which increased by 1.6% and 2.9% respectively and steady for the added value of agriculture.