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Financial News: Italy GDP Growth Unrevised At 0.3%

Italy GDP Growth Unrevised At 0.3%

05/31/2024 - 05:21:00 (RTTNews)

(RTTNews) - Italy's economy expanded for the third straight quarter as initially estimated in the three months ending March, the latest data from the statistical office ISTAT showed on Friday.

Gross domestic product rose 0.3 percent sequentially in the first quarter, following a 0.1 percent rise in the fourth quarter. That was in line with the flash data published on April 30.

During the March quarter, positive contributions came from all the main aggregates of domestic demand, the agency said. There was a 0.2 percent increase in national final consumption and a 0.5 percent increase in gross fixed investments. Exports grew 0.6 percent, while imports decreased by 1.7 percent.

On the production side, the agriculture sector expanded by 3.3 percent, and both the secondary and service sectors grew by 0.3 percent.

On a yearly basis, GDP advanced at a stable pace of 0.7 percent in the first quarter, revised up slightly from 0.6 percent.

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