Italy: GDP expands for first time since Q2 2011
February 14, 2014
In the fourth quarter, GDP expanded a seasonally and working-day adjusted 0.1% over the previous quarter (Q3: 0.0% quarter-on-quarter) according to the first estimate released by the National Statistics Office (ISTAT) on 14 February. The reading, which was in line with market expectations, marked the first expansion in GDP since the second quarter of 2011. In annual terms, the economy contracted 0.8% over the same quarter last year, which marked an improvement over the 1.9% drop seen in the third quarter.
The Bank of Italy expects a 0.7% expansion in GDP in 2014 and a 1.5% rise in 2015. FocusEconomics Consensus Forecast panelists see the economy growing 0.5% in 2014, which is unchanged from last month's forecast. For 2015, panelists expect the economy to expand 1.0% in 2015.
Author: Armando Ciccarelli, Head of Data Solutions