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Financial News: Italy's GDP Growth Remains Stable In Q1

Italy's GDP Growth Remains Stable In Q1

05/02/2018 - 05:58:00 (RTTNews)

(RTTNews) - Italy's economic growth remained stable in the first quarter, preliminary estimate from the statistical office INE showed Wednesday.

Gross domestic product grew 0.3 percent sequentially, the same pace of growth as seen in the fourth quarter and in line with expectations.

Year-on-year, GDP climbed 1.4 percent but slower than prior quarter's 1.6 percent expansion. This was the weakest expansion in a year.

Another report from the statistical office showed that the unemployment rate remained stable at double-digit 11 percent in March. The rate was forecast to remain at February's initially estimated rate of 10.9 percent. Unemployment totaled 2.865 million.

The unemployment rate among youth aged between 15 and 24, decreased to 31.7 percent in March from 32.5 percent in February.

Survey data from IHS Markit showed that Italy's manufacturing sector growth weakened in April as weaker domestic market conditions limited order book and production gains.

The Purchasing Managers' Index fell to 53.5 in April from 55.1 in March. This was the lowest score since January 2017.

A third successive monthly fall in the headline PMI represents a clear turning point in growth since the start of the year and cannot simply be attributed to first quarter's weather-related disruptions, Paul Smith, director at IHS Markit, said.

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