Economy: Industrial producer prices were up in July, whilst GDP grew slightly in the second quarter of 2024.
Italian industrial producer prices rose by 1.3% in July compared to June, the national statistics agency Istat reported on Monday. This marks the third consecutive monthly increase, primarily driven by higher energy prices, particularly in the domestic electricity market. However, compared to the same month last year, industrial producer prices were down by 1.1%.
Istat also confirmed that Italy’s GDP grew by 0.2% in the second quarter of the year compared to the previous quarter, and by 0.9% year-on-year, after adjustments for calendar effects. These figures align with the preliminary estimates released by the agency on 30th July, which also indicated a 0.2% growth quarter-on-quarter and a 0.9% increase year-on-year.
Italy’s Blue Economy is thriving
Compared to the previous quarter, final consumption expenditure remained stable, while gross fixed capital formation grew by 0.3%. Meanwhile, imports and exports declined by 0.6% and 1.5%, respectively. Year-on-year, final consumption expenditure fell by 0.1%, gross fixed capital formation rose by 4%, imports dropped by 5.3%, and exports increased by 0.5%.
Istat also noted that the carry-over annual GDP growth for 2024 stands at +0.6%.
