Italy: Economy enters technical recession in Q3
November 14, 2014
In the third quarter, GDP contracted a seasonally- and working-day adjusted 0.1% over the previous quarter, according to an advance estimate released by the National Statistics Office (ISTAT) on 14 November. The contraction followed the 0.2% decrease observed in the second quarter and met market expectations. As a result of two consecutive contractions, the economy has now entered a technical recession. Italy’s economy has not grown since Q3 2011.
In annual terms, the economy contracted 0.4% in Q3. The figure marked the steepest contraction since Q4 2013 and came in below the 0.3% drop recorded in the previous quarter.
Author: Dirina Mançellari, Senior Economist