Italy GDP

Italy

Italy: Economy enters technical recession in Q2

August 6, 2014

In the second quarter, GDP contracted a seasonally- and working-day adjusted 0.2% over the previous quarter, according to an advance estimate released by the National Statistics Office (ISTAT) on 6 August. The contraction followed the 0.1% decrease observed in the first quarter. Thus, the economy entered a technical recession. The reading contrasted the 0.1% expansion the market had expected.

In annual terms, the economy contracted 0.3% in Q2. The figure recorded the softest contraction since Q3 2011 and was an improvement over the 0.4% drop seen in the previous quarter.

The Bank of Italy projects a 0.7% expansion in GDP in 2014 and a 1.0% expansion in 2015. Panelists see the economy growing 0.2% in 2014, which is down 0.2 percentage points from last month’s forecast. For 2015, panelists expect the economy to expand 1.1%.


Author:, Senior Economist

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Italy GDP Chart


Italy GDP Q2 2014

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: National Statistics Institute and FocusEconomics Consensus Forecast.


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