World Economy

Italy Revises Down Q2 GDP Growth

Italy Revises Down Q2  GDP GrowthItaly Revises Down Q2  GDP Growth

Italy’s public budget deficit narrowed slightly in the first half of this year to 2.4% of gross domestic product, compared with 2.6% in the same period of 2016, official statistics agency ISTAT said on Tuesday, Reuters reported. In the second quarter, the deficit amounted to 0.5% of gross domestic product, widening from 0.4% in Q2 2016. Italy has an official target of a 2017 deficit of 2.1% of GDP, down from 2.5% posted last year. ISTAT also revised down Italy’s quarterly economic growth in the second quarter to 0.3% from 0.4% previously reported, but revised up the first quarter to 0.5% from 0.4%. On a year-on-year basis, second quarter growth was unchanged at 1.5%, while the first quarter was revised up to 1.3% from 1.2%. Every year in October, ISTAT revises its estimates of gross domestic product for the previous four years.


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