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Saturday, April 20 2024

Rome: Italy’s GDP expands 0.5% in Q3

Italy's GDP expands 0.5% in Q3
Photo Credit : IANS
Rome: Italy’s economic growth streak continued in the third quarter of this year, with the country registering 0.5 per cent growth from the previous quarter, the government’s main statistics entity reported.

According to the National Institute of Statistics (ISTAT), it was the seventh three-month period in a row that Italy’s economy expanded, reports Xinhua news agency.

This growth started in the first quarter of last year, as the country began to recover from the worst part of the Covid-19 pandemic.

ISTAT’s preliminary data also showed that Italy’s gross domestic product (GDP) was 2.6 per cent larger at the end of the third quarter than it was at the same point last year.

However, the Italian economy slowed over the second half of this year, with higher energy prices and global supply chain issues sparked by the war between Russia and Ukraine exerting a prolonged impact.

According to the government’s Economic and Finance Document released in late September, annual GDP growth this year is estimated at 3.3 per cent, implying negative growth in this year’s final quarter.

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