A sample of 170 Italian children was assessed for reading accuracy, reading speed, text comprehension and spelling in Grades 1 and 3 in order to investigate the concurrent and longitudinal relationships among literacy skills. Main results from multivariate analyses (regression, discriminant and path analyses) indicated that reading speed was the best predictor of later literacy and that spelling was the most stable measure and influenced text comprehension and reading speed. An asymmetry was also observed in the longitudinal relationship between reading and spelling errors, with reading errors predicting later spelling errors and a non-significant result in the opposite direction. (Contains 5 tables and 2 figures.)