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Financial News: Italy's GDP Contracts As Estimated In Q4

Italy's GDP Contracts As Estimated In Q4

03/04/2020 - 06:50:00 (RTTNews)

(RTTNews) - Italy's economy contracted as initially estimated in the fourth quarter of 2019, final data from Istat showed Wednesday.

Gross domestic product fell 0.3 percent sequentially, reversing a 0.1 percent expansion in the third quarter. This was the first fall in five quarters.

The sequential fall matched the estimate released on January 31.

The expenditure-side breakdown of GDP showed that final consumption expenditure dropped 0.2 percent. Gross fixed capital formation was down 0.1 percent.

At the same time, exports grew 0.3 percent, while imports fell 1.7 percent.

On a yearly basis, the economy grew 0.1 percent instead of flat growth estimated initially. Nonetheless, this was slower than the 0.5 percent expansion logged in the third quarter.

The carry-over annual GDP growth for 2020 was equal to -0.2 percent, the statistical office said.

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