Italy's GDP up 6.5% in 2021: ISTAT

Rome, Feb 1 (IANS) Italy's gross domestic product (GDP) grew by 6.5 per cent in 2021 compared to the previous year, the country's National Institute of Statistics (ISTAT) has said in a preliminary estimate.

The national output was up 0.6 per cent in the fourth quarter of last year against the third quarter, and up 6.4 per cent against the same period in 2020, Xinhua news agency reported, citing the seasonal and calendar-adjusted data.

"The Italian economy expanded for the fourth consecutive quarter, albeit at a slower pace than in the previous periods," the agency stated.

"The quarter-on-quarter change is the result of a decrease of value-added in agriculture, forestry and fishing and an increase in both industry and services."

The agency further explained that the quarterly growth in the last quarter of 2021 was strongly sustained by domestic demand and felt the negative effects of the net export component.

Overall, the estimated 6.5 per cent annual growth in 2021 would be a partial rebound from the 8.9 per cent drop registered in 2020, when the country was hit hard by the Covid-19 pandemic.

Yet, it is the highest annual growth the country has registered since 1976, the chief of ISTAT's Directorate for National Accounts, Giovanni Savio, told a press conference on Monday. �