Italy GDP

Italy

Italy: GDP drops for sixth consecutive quarter

February 14, 2013

In the fourth quarter, GDP dropped a seasonally and working-day adjusted 0.9% over the previous quarter (Q3: -0.2% quarter-on-quarter), according to the first estimate released by the National Statistics Office (ISTAT) on 14 February. The contraction was larger than 0.6% drop expected by the market and represented a sixth consecutive decline in economic output. The reading marked, in fact, the worst quarterly performance since the first quarter of 2009. In annual terms, the economy fell 2.7% over the same quarter the year before, which marks a deterioration over the 2.4% drop seen in the third quarter.

In the full year 2012, GDP contracted 2.2% (2011: +0.6%), broadly in line with the 2.1% contraction expected by the FocusEconomics Consensus Forecast. The Bank of Italy expects a 1.0% contraction in GDP this year and a 0.7% rise in 2014.


Author:, Head of Data Solutions

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Italy GDP Q4 2012

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


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