Italy GDP Expands Marginally In Q1

(RTTNews) - Italy's economy expanded only at a marginal pace in the first quarter, reversing a decline estimated initially, latest figures from the statistical office ISTAT showed on Tuesday.

Gross domestic product rose a seasonally and calendar-adjusted 0.1 percent sequentially in the March quarter, slower than the 0.7 percent increase in the previous quarter. In the flash estimate, the GDP figure was a decline of 0.2 percent.

The economic revision of 0.3 percentage points, while significant, is not an absolute exception in this period still affected by the pandemic, given that in the first quarter of 2021 the upward revision was 0.5 points, ISTAT said.

The recovery was mainly determined by domestic demand and in particular by investments in the face of a negative contribution from foreign demand, the statistical office said.

"Internally, the contribution of private consumption was negative while both that of public administrations and that of the change in inventories were zero," ISTAT added.

There was a 3.9 percent increase in gross fixed capital formation in the first quarter compared to the fourth quarter, while national final consumption dropped 0.6 percent.

Both exports and imports grew 4.3 percent and 3.5 percent, respectively.

On a yearly basis, GDP expanded 6.2 percent in the March quarter against a 5.8 percent growth seen in the initial estimate.