Italy revises upwards GDP growth in 2021 to 6.7 pct

ROME, Sept. 23 (Xinhua) -- Italy revised upwards its gross domestic product (GDP) growth in 2021 to 6.7 percent, according to the revised data issued by the country's National Statistics Institute (ISTAT) on Friday.

Italy's GDP in 2021 was revised upwards to 1.782 trillion euros (1.729 trillion U.S. dollars) after a review of an internal audit of national accounts, an increase of 6.61 billion euros from the previous estimates. As a result, the GDP growth in 2021 was revised upwards from the previous 6.6 percent to 6.7 percent.

The GDP in 2020 was also raised by 3.66 billion euros, but the country's GDP still shrunk by 9 percent in the year, when Italy was hit hardest by the coronavirus pandemic.

ISTAT said an underestimate of domestic demand for Italy-produced products was the main factor behind the upward revisions to the GDP. (1 euro = 0.97 U.S. dollars)

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