The Italian economy emerged from recession in the third quarter, achieving a growth of 0.6 percent compared to the previous quarter, confirmed the Italian statistical office Istat on Thursday.
The growth of the Italian gross domestic product (GDP) followed five consecutive quarters of declining activity and is somewhat stronger compared to the average growth of the economies of the 16-member eurozone at 0.4 percent, further stated in Istat’s announcement. The statistical office thus confirmed the first estimates published last month, which are in line with economists’ forecasts of a growth of 0.6 percent compared to the previous quarter. On an annual basis, however, the Italian GDP in the third quarter decreased by 4.6 percent, Istat further reported, which is also more or less in line with forecasts.
As the main reasons for the turnaround in the trend of the Italian economy, Istat cites "growth in value in the services and industrial sectors." In contrast, the added value in the agricultural sector decreased in the third quarter, they further explain at Istat. In a separate report, Istat also reported a recovery in industrial production growth in October, at a rate of 0.5 percent compared to the previous month. The data is adjusted for seasonal changes. (H)
