Financial News: Italy GDP Rebounds 0.5%, More Than Forecast

Italy GDP Rebounds 0.5%, More Than Forecast

04/28/2023 - 07:42:00 (RTTNews)

(RTTNews) - Italy's economy expanded more-than-expected in the first quarter after contracting in the previous quarter, preliminary data from the statistical office Istat showed on Friday.

Gross domestic product advanced 0.5 percent sequentially in the March quarter, reversing a 0.1 percent fall in the December quarter, which was the first decline since the first quarter of 2021.

Economists had forecast a 0.2 percent rise during the quarter.

Year-on-year, GDP growth accelerated to 1.8 percent from 1.4 percent in the previous quarter. The growth rate was expected to remain stable at 1.4 percent.

On the demand side, the contribution to GDP growth was positive for both the national component and the foreign component, the agency said.

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