In the second quarter, GDP plunged a seasonally and working-day adjusted 0.7% over the previous quarter, according to the first estimate released by the National Statistics Office (ISTAT) on 7 August. The reading marked a slight improvement compared both to the 0.8% contraction recorded in the previous quarter and market expectations of a 0.8% drop, in addition to representing a fourth consecutive decline in economic output. In annual terms, the economy fell 2.5% over the same quarter last year, which follows on a 1.4% drop seen in the first quarter and marked, in fact, the largest contraction recorded since Q4 2009. According to the government, the economy is expected to contract 1.2% this year and to grow a paltry 0.3% in 2013. The Bank of Italy, however, has a more pessimistic outlook and expects a 2.0% GDP contraction this year and a 0.2% drop in 2013.
GDP contracts for fourth quarter in a row
August 7, 2012
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Italy GDP Chart
Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: National Statistical Institute (Istat) and FocusEconomics Consensus Forecast.
Italy Economic News
October 14, 2016
According to revised data released by the Italian Statistical Institute (ISTAT), consumer prices fell 0.2% from the previous month in September.
October 10, 2016
In August, industrial output increased 1.7% from the previous month, accelerating from July’s revised 0.7% increase (previously reported: +0.4% month-on-month).
October 3, 2016
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 49.8 in August to 51.0 in September, taking it above the 50-threshold that separates expansion from contraction in the manufacturing sector. September’s result mainly reflected a return to growth in new orders, which, in the previous month, had dropped slightly for the first time in over one-and-a-half years.
September 30, 2016
According to provisional data released by the Italian Statistical Institute (ISTAT), consumer prices fell 0.2% over the previous month in September, contrasting August’s 0.2% increase and marking the lowest result in seven months.
September 28, 2016
The National Institute of Statistics’ (Istat) composite business confidence indicator (IESE, Istat Economic Sentiment Indicator), which covers the manufacturing, construction, service and retail sectors, increased from a revised 99.5 in August (previously reported: 99.4) to 101.0 in September. All four categories of the indicator improved compared to August.