GDP soars to + 2.7% in the second quarter, employment rises in June

In the second quarter of 2021, Italian GDP, adjusted for calendar effects and seasonally adjusted,

compared to the previous quarter and by

.

Istat communicates this on the basis of preliminary estimates.

The "exceptionally marked" increase recorded on an annual basis, explains the Institute of Statistics, derives from the comparison with the minimum point reached in the second quarter of 2020 at the height of the health crisis due to the spread of Covid.

The growth acquired for 2021, the one that would be obtained if in the third and fourth quarter of the year the Italian GDP recorded a zero cyclical change, is 4.8%. This is what Istat calculates based on preliminary estimates for the April-June period. Istat has slightly revised upwards the estimates of Italian GDP for the first quarter of 2021. According to the latest calculations, the Italian economy grew by 0.2% against the + 0.1% estimated in June and -0, 4% of last April's flash estimate.

Positive data also from the employment front: the

, in June,

and returned, after five months, to below the 10% threshold. Among young people it stood at 29.4% (-1.3 points). In June,

: Istat affirmed, indicating that growth was

(+ 0.7%) compared to the previous month. In the annual comparison, the number of employees is

higher than that of

. Comparing the second quarter of this year with the previous one, the level of employment is higher by 1.0%, with an increase of 223 thousand units.

In June 2021, compared to the previous month, there was an increase in employed persons and a decrease in both the unemployed and the inactive, explains the Institute of Statistics by publishing the provisional monthly data. The growth in employment (+ 0.7%, equal to + 166 thousand units) is observed for men, women, employees, the self-employed and for all age groups. The employment rate rises to 57.9% (+0.5 points). The decrease in the number of job seekers (-5.1% compared to May, equal to -131 thousand units) also affects both men and women and all age groups. number of inactive between 15 and 64 years (-0.3%, equal to -34 thousand units); in this case, the decline involves women, children under 24 and over 50-year-olds. The inactivity rate drops to 35.8% (-0.1 points).In the comparison of the second quarter with the previous one, the growth in employment is associated with the decrease in people looking for work (-0.8%, equal to -20 thousand units) and the more consistent one of inactive between 15 and 64 years ( -2.0%, equal to -279 thousand units). In the annual comparison, however, the growth in employment (+ 1.2%, equal to + 267 thousand units) concerns men and women, employees and workers of all age groups with the exception of 35-49 year-olds, while the employment rate, in increase of 1.1 percentage points, rises for all age groups. Compared to June 2020, the number of people looking for work is also growing (+ 3.5%, equal to + 81 thousand units) and the number of inactive people between 15 and 64 years of age is in sharp decline (-4.2%, equal to to -592 thousand), which had increased exceptionally at the beginning ofsanitary emergency.

German GDP grew by 1.5% compared to the previous quarter. This was reported by new data from the Federal Statistical Office. Germany averted recession after the setback at the beginning of the year due to the pandemic.