2020.12.0111:06:00UTC+00Italy's GDP Recovers In Q3

Italy's economy recovered from a recession in the third quarter albeit at a slower than previously estimated pace, final data from the statistical office Istat showed Tuesday. Gross domestic product grew 15.9 percent sequentially, in contrast to a 13 percent decline in the second quarter. The rate was revised down from the 16.1 percent expansion estimated initially.

On a yearly basis, GDP fell 5 percent instead of 4.7 percent fall estimated previously. On the expenditure-side, final consumption expenditure climbed 9.2 percent on quarter and gross fixed investment grew 31.3 percent. Imports and exports grew 15.9 percent and 30.7 percent, respectively.

The production-side breakdown showed that all main sectors added value in the third quarter. Industry and services grew 33.1 percent and 11.9 percent, respectively. Farm output gained 0.2 percent.