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Financial News: Italy GDP Grows 0.2% In Q4

Italy GDP Grows 0.2% In Q4

01/30/2024 - 07:53:00 (RTTNews)

(RTTNews) - Italy's economy expanded for the second straight quarter in the three months ending December, preliminary data from the statistical office ISTAT showed on Tuesday.

Gross domestic product rose 0.2 percent sequentially in the fourth quarter, following a 0.1 percent rebound in the third quarter. Meanwhile, economists had forcast a flat change.

On the demand side, there was a decline in change in inventories, while a positive contribution came from the net export component, the agency said.

On a yearly basis, GDP advanced at a faster pace of 0.5 percent versus a 0.1 percent increase in the third quarter.

During the whole year 2023, the Italian economy expanded 0.7 percent compared with 2022.

Separate official data showed that producer prices posted an annual decrease of 16.0 percent after a 12.8 percent slump in November. Producer prices have been falling since April 2023.

Prices in the domestic market were down 20.5 percent, and those in the foreign market decreased by 0.8 percent.

Monthly, producer prices dropped 0.9 percent after a 1.1 percent fall seen in November.

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