Financial News: Italy Q4 GDP Growth Confirmed At 0.3%; Jobless

Italy Q4 GDP Growth Confirmed At 0.3%; Jobless Rate Hits Record Low

(RTTNews) - Italy's economy expanded for the second straight quarter as initially estimated in the three months ending in December, while the unemployment rate fell to a historical low in January, separate reports from the statistical office ISTAT showed on Wednesday.

Gross domestic product advanced 0.3 percent sequentially, following a 0.2 percent increase in the third quarter, the latest data said. That was in line with the flash data published on January 30.

The expenditure breakdown showed that household consumption expenditure increased 0.1 percent, and government consumption was 0.2 percent higher compared to the previous quarter. 

Gross fixed capital formation showed a stronger growth of 0.9 percent, while net foreign demand was not favorable as exports fell 1.2 percent amid a 1.0 percent increase in imports.

On the supply side, the quarterly increase in GDP was primarily attributable to the positive performance of the industrial sector, while agriculture and services recorded more modest increases. 

On a yearly basis, GDP also advanced at a faster pace of 0.8 percent versus a 0.6 percent growth in the third quarter, as estimated.

The unemployment rate in Italy fell to 5.1 percent in January from 5.5 percent in December. It marked the lowest jobless rate on record, and the expected rate was 5.6 percent.

The number of unemployed people decreased by 99,000 to 1.305 million in January compared to the previous month. Meanwhile, employment rose to 62.6 percent from 62.4 percent.

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