Italian economy grows 1% in Q2, smashing forecasts

ANKARA

Italy's economy expanded larger than expected, seeing 1% growth on a quarterly basis in Q2, official data showed on Friday.

The figure beat forecasts of 0.3%, with industry, services, and inventories pushing the number upwards.

On an annual basis, the economy grew by 4.6%, said the Italian National Institute of Statistics, Istat.

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

On the demand side, it added that there was a positive contribution from the domestic component (gross of change in inventories) and a negative one from net export components.