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Financial News: Italy GDP Falls Less Than Expected In Q4

Italy GDP Falls Less Than Expected In Q4

02/02/2021 - 04:39:00 (RTTNews)

(RTTNews) - Italy's economy shrunk at a slower than expected pace in the final three months of 2020 after a robust growth in the previous quarter, preliminary data from the statistical office ISTAT showed on Tuesday.

Gross domestic product decreased a seasonally and calendar adjusted 2.0 percent from the third quarter, when output surged 16.0 percent, which was revised from 15.9 percent. Economists had forecast a 2.2 percent fall.

The quarter on quarter change is the result of a decrease of value added in all main economic sectors including agriculture, forestry and fishing, industry and services, ISTAT said.

On the demand side, negative contribution came from both the domestic component, which is the gross of change in inventories, and the net export component, the agency added.

In the first and second quarters, the economy contracted 5.5 percent and 13.0 percent, respectively, due to the severe impact of the coronavirus, or Covid-19, pandemic.

Compared to the same quarter a year ago, GDP dropped 6.6 percent in the final three months of 2020 after a 5.1 percent fall in the third quarter. Economists had expected a 6.7 percent decline.

The year-on-year contraction was the fourth in a row.

The carry-over annual GDP growth for 2021 is 2.3 percent, ISTAT said.

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