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Financial News: Italy GDP Expands Marginally In Q3

Italy GDP Expands Marginally In Q3

10/31/2019 - 07:41:00 (RTTNews)

(RTTNews) - Italy's economy continued to expand at a marginal pace in the third quarter, preliminary estimate from the statistical office Istat showed Thursday.

Another report from Istat showed that the unemployment rate increased in September from August.

Gross domestic product grew unexpectedly by 0.1 percent sequentially, the same pace of growth as seen in the second quarter. GDP was forecast to remain flat in the third quarter.

On a yearly basis, economic growth improved to 0.3 percent from 0.1 percent a quarter ago. This was the fastest expansion in a year and above the expected rate of 0.2 percent.

The statistical office said positive contribution came from domestic component, while net exports made a negative contribution.

The carry-over annual GDP growth for 2019 was equal to +0.2 percent, Istat said.

The jobless rate rose to 9.9 percent in September from a revised 9.6 percent logged in August. The rate was seen at 9.6 percent. The rate in August was the lowest since January 2012.

However, the youth unemployment rate advanced to 28.7 percent from 27.6 percent in the previous month.

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