ROME, March 3 (Reuters) – Italy’s economy contracted by 0.1% in the fourth quarter of last year from the previous three months, national statistics institute ISTAT said on Friday, confirming a flash estimate published on January 31.
The breakdown of GDP components showed that a positive contribution came from trade flows, which was outweighed by a fall in domestic demand.
Manufacturing and agriculture declined during the quarter while the service sector expanded.
The Finance Ministry estimated in November that the economy would contract in the fourth quarter of last year and also in the first quarter of 2023, plunging the country into a recession – defined as two consecutive quarters of falling GDP.
On an annualized basis, gross domestic product rose 1.4% in the fourth quarter, revised from an initial estimate of 1.7% released in late January.
Third-quarter growth has been revised down to 0.4% q/q from an originally reported 0.5% and 2.5% year-on-year from 2.7%.
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In the fourth quarter, consumer spending fell 1.1% q/q, government spending rose 0.5% and investment rose 2%.
Imports fell by 1.7%, exports increased by 2.6%.
Reporting by Antonella Cinelli Editing by Keith Weir
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