Italy: Economy remains mired in recession in Q3
November 14, 2013
In the third quarter, GDP dropped a seasonally and working-day adjusted 0.1% over the previous quarter (Q2: -0.3% quarter-on-quarter), according to the first estimate released by the National Statistics Office (ISTAT) on 14 November. The reading was in line with market expectations. This is Italy's ninth consecutive decline in economic output, the country's longest such streak. In annual terms, the economy fell 1.9% over the same quarter last year, which marks a slight improvement over the 2.2% drop seen in the second quarter.
The Bank of Italy expects a 1.9% contraction in GDP this year and a 0.7% rise in 2014. Panelists expect the economy to contract 1.5% in 2013, which is down 0.1 percentage points from last month's forecast, and to expand 0.5% in 2014.
Author: Armando Ciccarelli, Head of Data Solutions