2023.05.3112:00:00UTC+00Italy Q1 GDP Growth Exceeds Initial Estimate

Italy's economy registered a stronger-than-expected recovery in the first quarter underpinned by robust household spending and investment, revised data from the statistical office Istat revealed on Wednesday.

Gross domestic product was up 0.6 percent from the fourth quarter, which was revised up from 0.5 percent.

The quarterly expansion reversed the 0.1 percent fall posted in the preceding period. Moreover, the 0.6 percent growth was the fastest in more than a year.

The expenditure-side breakdown showed that household spending and gross fixed capital formation advanced 0.7 percent and 0.8 percent, respectively. Meanwhile, imports decreased 1.0 percent and exports were down 1.4 percent.

On a yearly basis, GDP growth improved to 1.9 percent from 1.5 percent in the fourth quarter. The rate was revised up from 1.8 percent.

The carry-over annual GDP growth for 2023 was equal to 0.9 percent, data showed.