Italy’s economy did not shrink in Q3
Italy’s economy has stopped contracting after two years of decline, according to new official data released this morning, Istat revealed.
The Italian statistics office (Istat) has revised up its estimate for the Italian economy’s performance in the third quarter of this year. Instead of a 0.1% drop in GDP, it believes output was flat at 0.0%.
In the third quarter of 2013 the seasonally and calendar adjusted, chained volume measure of Gross Domestic Product (GDP) was unchanged with respect to the second quarter of 2013 and decreased by 1.8% in comparison with the third quarter of 2012.
Compared to the second quarter of 2013, final consumption expenditure decreased by 0.2%and gross fixed capital formation by 0.6%; imports and exports increased by 2% and 0.7% respectively.
With respect to the third quarter of 2012, final consumption expenditure decreased by 1.5%, gross fixed capital formation by 5.1% and imports by 1.2%, while exports remained unchanged.
Here’s a sector breakdown:
•Final domestic demand: -0.2%
•Final national consumption: -0.1%
•Consumer spending: -0.1%
•Government spending: 0.0 %
•Gross Fixed Investment: -0.1%
•Inventory Changes: 0.6%
•Net Exports: -0.4%