Italian GDP stagnates in third quarter after eight quarters of contraction

Tuesday 10 December 2013 10.57
Italy reports flat economy in third quarter of 2013
Italy reports flat economy in third quarter of 2013

Italy's economy stagnated in the third quarter, marking the end of two years of contraction, national statistics bureau ISTAT said today.

The bureau revised up a preliminary estimate to show gross domestic product was unchanged between July and September, originally reported as a 0.1% fall.

An ISTAT spokesman said that "from a technical point of view this data is not sufficient to say the recession is over."

On a year-on-year basis, Italian GDP fell 1.8%, revised up from the preliminary estimate of a contraction of 1.9%.

The second quarter figure was unrevised to show a drop of 0.3% quarter on quarter and a contraction of 2.2% on an annual  basis.

In the third quarter, the Italian economy was supported by strong inventory accumulation, while trade subtracted from growth, with imports growing much more than exports.