Italy sees GDP increase in second quarter

Bruno Cirelli
Agosto 16, 2017

Itstat said growth was supported by rising industrial production and growth in services, while agriculture contracted in the quarter.

Analysts interpreted the pick-up as reflecting an upturn in business confidence that has been helped by receding concerns over the stability of the country's banking system.

On a yearly basis, the economy expanded 1.5 percent, slightly faster than the 1.4 percent growth economists had forecast and 1.2 percent expansion seen in the first quarter.

"Consensus expectations are catching up, but there remains a fair amount of scepticism on Italy's performance going forwards".

Italian GDP rose 0.4% in the second quarter of 2017 on the first quarter and 1.5% on the first quarter of 2016, ISTAT said in a preliminary estimate.

Quarterly growth held steady at 0.4 percent in the three months to June, leaving Italy still below the eurozone average of 0.6 percent in the quarter. "A good base from which to boost the economy and employment", Prime Minister Paolo Gentiloni said on Twitter.

The second quarter's 1.5 percent year-on-year rise is the biggest in six years, since the start of 2011 when it was 2.1 percent, the agency said.

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