Published on 25/09/2022 10:35:30 AM | Source: IANS

Italy revises upwards GDP growth in 2021 to 6.7%

Posted in Top Stories| #World Market #Inflation #GDP #Italy

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Italy revised upwards its gross domestic product (GDP) growth in 2021 to 6.7 per cent, according to the revised data issued by the country's National Statistics Institute (ISTAT).

Italy's GDP in 2021 was revised upwards to 1.782 trillion euros after a review of an internal audit of national accounts, an increase of 6.61 billion euros from the previous estimates, reports Xinhua news agency citing the Institute as saying.

As a result, the GDP growth in 2021 was revised upwards from the previous 6.6 per cent to 6.7 per cent.

The GDP in 2020 was also raised by 3.66 billion euros, but the country's GDP still shrunk by 9 per cent in the year, when Italy was hit hardest by the coronavirus pandemic.

ISTAT said an underestimate of domestic demand for Italy-produced products was the main factor behind the upward revisions to the GDP.