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Financial News: Italy's Q1 Growth Revised Up; Factory Activity Expands

Italy's Q1 Growth Revised Up; Factory Activity Expands

06/01/2017 - 06:10:00 (RTTNews)

(RTTNews) - Italy's economy expanded more than initially estimated in the first quarter, data from the statistical office Istat showed Thursday.

The Purchasing Managers' survey from IHS Markit showed that Italy's manufacturing sector continued to expand in May but the pace of growth slowed from April.

The sequential economic growth was revised to 0.4 percent from 0.2 percent. In the fourth quarter, the economy had expanded 0.3 percent. A similar faster growth was last seen in the first quarter of 2016.

On a yearly basis, gross domestic product climbed 1.2 percent instead of 0.8 percent estimated on May 16, Istat said. The rate was also faster than the 1.1 percent registered in the fourth quarter.

The expenditure-side breakdown of GDP showed that household spending grew 0.5 percent, while investment declined 0.8 percent.

Imports and exports increased 1.6 percent and 0.7 percent, respectively.

The IHS Markit manufacturing PMI dropped to 55.1 in May from 56.2 in April, which was the highest score in over six years.

The indicator signaled a slight loss of growth momentum with rates of growth in output and new orders easing from their recent highs.

Manufacturers continued to take on additional staff midway through the second quarter.

May's survey showed a further softening of inflationary pressures as input costs and factory gate charges both rose at slower rates.

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