Italy's GDP down 0.3% in second quarter

Italy's GDP dropped by 0.3% in the second quarter of 2023 with respect to the previous three months, according to preliminary data released by Istat on Monday, Azernews reports, citing ANSA.

The national statistics agency said that GDP was up by 0.6% compared to the second quarter of last year.

"The quarter on quarter change is the result of a decrease of value added in both the sector of agriculture, forestry and fishing and in that of industry, in contrast to the growth in services," Istat said.

"From the demand side, there is a negative contribution by the domestic component (gross of change in inventories) and a null contribution by the net export component.

"The carry-over annual GDP growth for 2023 is equal to 0.8%".