News Karnataka
Thursday, December 07 2023

Rome: Italy’s economy contracts by 0.1% in Q4 2022

Rome: Italy counts on 1.2% GDP growth in 2023
Photo Credit : IANS

Rome: Italy’s economy contracted by 0.1 per cent quarter-on-quarter in the final three months (Q4) of last year, the country’s National Institute of Statistics (ISTAT) said.

On a year-on-year basis, gross domestic product (GDP) in the quarter increased by 1.4 per cent, against the originally estimated 1.7 per cent, reports Xinhua news agency citing ISTAT as saying.

The country could thus be in the midst of a technical recession since the economy is widely seen as contracting again in the current economic quarter.

A recession is defined as two consecutive quarters of negative GDP growth.

According to ISTAT, industrial and agricultural production declined in Q4 year-on-year, while the services sector grew over the same span.

Italy’s economy has been bruised by direct and indirect impacts of the ongoing war in Ukraine, pushing energy prices higher, interrupting trade and increasing spending.

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