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Italy Sees Signs of Expansion

Italy Sees Signs  of ExpansionItaly Sees Signs  of Expansion

Giorgio Alleva, the head of national statistics agency Istat, said Monday that initial data suggests the Italian economy grew in the third quarter of 2016 with respect to the previous three months, ANSA reported. “The quarter-on-quarter outlook for the third quarter is characterized by signs of expansion after the difficulties registered in the previous three months,” Alleva told a parliamentary hearing on the government’s draft budget. Italy’s GDP was flat in the second quarter with respect to the third. “The industrial recovery appears significant and sufficient to support economic growth in the third quarter”. However, he did not expect the economy to accelerate further in “the final part of 2016”. Meanwhile, the Bank of Italy said Monday that the government’s target of 1% growth in 2017 was not impossible. “The government forecasts GDP growth of 1% for 2017. This is higher than the main estimates available today, which go from 0.5% to 0.9%, but not unachievable,” Bank of Italy Deputy Director General Luigi Federico Signorini told a parliamentary hearing on the government’s 2017 draft budget.

 

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