Financial News: Italy GDP Remains Flat In Q3; Jobless Rate

Italy GDP Remains Flat In Q3; Jobless Rate Lowest Since 2007

12/02/2024 - 08:22:00 (RTTNews)

(RTTNews) - Italy's economy stagnated in the third quarter, as initially estimated, and the unemployment rate fell to the lowest since 2007, official data showed Monday.

Gross domestic product remained flat sequentially in the third quarter, after posting a 0.2 percent rise in the second quarter, the statistical office ISTAT reported. The rate matched the estimate published on October 30.

On a yearly basis, GDP advanced at a pace of 0.4 percent, in line with flash estimate. This was slower than the 0.7 percent increase in the second quarter.

The expenditure-side breakdown showed that household consumption growth improved to 1.4 percent, while government spending dropped 0.2 percent. Gross fixed capital formation declined 1.2 percent.

Exports posted a decline of 0.9 percent, while imports climbed 1.2 percent. The carry-over annual GDP growth for 2024 was equal to +0.5 percent.

Another data from ISTAT showed that the jobless rate slid to 5.8 percent in October from 6.0 percent in September. A similar lower rate was last reported in April 2007.

The unemployment rate among youth declined to 17.7 percent from 18.9 percent a month ago.

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