During the second quarter of 2021, Italy's y/y GDP variation rate registered an increase compared to the previous quarter, up to 17.20%. Regarding the labor market, the unemployment rate decreased compared to the previous quarter, down to a rate of 10.00%, while the y/y employment growth rate stood a rate of -0.88%. As for the exchange rate, the euro held constant against the U.S. dollar compared to the previous quarter and stood at an average exchange rate of $1.21/€ during the second quarter of the year. On the other hand, CPI inflation increased up to a rate of 1.20%.


Macroeconomic outlook report: Italy 2Q21

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Macroeconomic overview

  • During the second quarter of 2021, the Italian economy recorded a GDP annual growth rate of 17.20%, accelerating by 17.97 p.p. compared with the previous quarter, driven by the intensification of the vaccination campaign alongside the boost in private consumption.
  • Concerning the labor market, the unemployment rate decreased by 0.40 p.p. compared to the previous quarter, down to a rate of 10.00%. The y/y employment variation rate stood at -0.88%, recording an increase of 3.25 p.p. compared to the first quarter of 2021.
  • The euro appreciated held constant against the U.S. dollar compared to the previous quarter, with an average exchange rate of 1.21 $/€.
  • The Italian Consumer Price Index increased by 0.62 p.p. compared to the previous quarter, up to a rate of 1.20%.

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