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Financial News: Italy GDP Shrinks Less Than Estimated In Q4

Italy GDP Shrinks Less Than Estimated In Q4

03/03/2021 - 06:44:00 (RTTNews)

(RTTNews) - Italy's economy contracted less than previously estimated in the fourth quarter, revised data from the statistical office Istat showed on Wednesday.

Gross domestic product fell 1.9 percent sequentially in the final quarter of 2020 instead of -2 percent estimated on February 2. GDP had advanced 15.9 percent in the third quarter after the easing of lockdown restrictions.

On a yearly basis, GDP declined 6.6 percent, unchanged from the previous estimate but bigger than the 5.2 percent drop in the third quarter.

The expenditure-side breakdown of GDP final consumption expenditure dropped 1.6 percent sequentially, while gross fixed capital formation grew 0.2 percent.

Both imports and exports registered a positive growth of 5.4 percent and 1.3 percent, respectively.

The carry-over annual GDP growth for 2021 was equal to +2.3 percent, Istat said.

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