Italy: GDP picks up in second quarter
August 5, 2011
In the second quarter, GDP grew a seasonally and working-day adjusted 0.3% over the previous quarter, according to the first estimate released by the National Statistics Office (ISTAT) on 5 August. The reading was an improvement compared to the 0.1% expansion recorded in the previous quarter and matched market expectations of a 0.3% rise. According to ISTAT, the quarterly reading reflected an improvement in the industry and services sectors, while agriculture deteriorated compared to the previous quarter. That said, the economy expanded 0.8% over the same quarter the previous year, which was down from the 1.0% rise recorded in the first quarter. The Bank of Italy (BoI) recently raised its growth forecast for this year, from a previously estimated 0.9% to the current 1.0%. However, the BoI maintained its growth forecast for 2012 at 1.1%.
Author: Armando Ciccarelli, Head of Data Solutions