Italy: GDP moderates in Q3
December 1, 2015
In Q3 2015, GDP recorded 0.2% growth over the previous quarter in seasonally- and working-day adjusted terms, according to more detailed data released by the National Statistics Office (ISTAT) on 1 December. The reading matched the preliminary estimate and came in below the 0.3% rise tallied in Q2. In addition, the figure marked the lowest reading since Q4 2014. Q3’s result reflected a deterioration of the external sector’s contribution on falling exports.
Private consumption remained stable at Q2’s 0.4% rise in Q3, which had marked the highest reading since Q3 2010. However, government consumption jumped from a 0.4% decrease to a 0.3% rise. Fixed investment dropped 0.4% (Q2: -0.1% quarter-on-quarter).
On the external side of the economy, growth in exports swung from a 1.3% rise in Q2 to a 0.8% fall in Q3, which marked the worst result in almost 3 years. Imports expanded 0.5% in Q3 (Q2: +1.6% qoq). As a result, the external sector’s net contribution fell from zero percentage points in Q2 to minus 0.4 percentage points in Q3.
In annual terms, the economy grew 0.8% in Q3, which was above Q2’s 0.6% rise but was slightly below the 0.9% expansion reported in the preliminary estimate. The reading was the highest since Q2 2011.
Author: Eric Denis , Economist