In the third quarter, GDP dropped a seasonally and working-day adjusted 0.2% over the previous quarter (Q2: -0.7% quarter-on-quarter), according to the second estimate released by the National Statistics Office (ISTAT) on 15 November. The contraction was smaller than 0.5% drop expected by the markets but still represents a fifth consecutive decline in economic output. In annual terms, the economy fell 2.4% over the same quarter last year, which mirrors the revised 2.4% drop (previously reported: -2.5% qoq) seen in the second quarter and marks the lowest reading since the last quarter of 2009. According to the government, the economy is expected to contract 1.2% this full 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 drops for a fifth consecutive quarter
November 15, 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.