Italy revises up Q1 GDP to +0.1% q/q vs prelim -0.2%, supported by investments & More News Here

People put on protecting masks as they stroll down a road, as the town makes masks necessary outdoor in busy areas amid an increase in coronavirus circumstances, forward of Christmas, in Rome, Italy, December 4, 2021. REUTERS/Remo Casilli

ROME, May 31 (Reuters) – Italy’s economic system grew 0.1% within the first quarter from the earlier three months, nationwide statistics bureau ISTAT stated on Tuesday, sharply revising up a preliminary estimate of a 0.2% contraction.

On a year-on-year foundation, first quarter GDP was revised up to present development of 6.2%, in contrast with the 5.8% printout in ISTAT’s flash estimate on April 31.

The breakdown of GDP elements confirmed development was based mostly on a powerful rise in investments, which contributed 0.8 share factors and offset declines in shopper spending and a damaging affect from commerce flows.

Growth within the fourth quarter of 2021 was confirmed at 0.7% quarter-on-quarter. The year-on-year price, initially reported at 6.2%, was revised up to 6.4%.

In the primary quarter, shopper spending fell 0.8% quarter-on-quarter, authorities spending rose 0.2% and investments jumped 3.9% p.c.

Imports rose 4.3%, outweighing a 3.5% enhance in exports.

The economic system ministry stated in an announcement the upward revision to GDP within the first quarter was in step with its most up-to-date estimates.

The Treasury sees “a significant increase” in GDP within the second quarter, in contrast with the primary three months, which might suggest an annual development forecast in step with, “or at least close to,” Italy’s official goal of three.1% set in April.

Prime Minister Mario Draghi’s authorities final month revised down its 2022 financial development forecast to 3.1% from a 4.7% projection made final September. learn extra

However, the present forecast is taken into account optimistic by most non-public our bodies. Employers’ foyer Confindustria forecasts 2022 development of simply 1.9%, whereas the International Monetary Fund expects 2.3%.

ISTAT gave the next particulars on contributions to quarterly development for the primary quarter of this yr and the final three months of 2021.

PERCENTAGE POINT CONTRIBUTIONS TO Q/Q GROWTH

Q1 2022

Final home demand 0.4

-Final nationwide consumption -0.4

-Consumer spending -0.5

-Government spending 0.0

-Gross Fixed Investment 0.8

Inventory Changes 0.0

Net Exports -0.3

GDP 0.1

Reporting by Gavin Jones, Giuseppe Fonte, modifying by Keith Weir

Our Standards: The Thomson Reuters Trust Principles.

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