World Economy

Italy Q3 Economy Grows Beyond Expectations

Italy Q3 Economy Grows Beyond ExpectationsItaly Q3 Economy Grows Beyond Expectations

Italy’s economy expanded at a quicker clip than economists forecast in the third quarter as the eurozone economy continues its rebound from the troubles it faced in 2012-13. Gross domestic product increased 0.5% on a quarter-on-quarter basis, official data show, beating economists’ expectations of 0.4% according to FactSet. The rate was faster than the 0.3% notched in the second quarter. On a year-on-year basis, the growth rate climbed to 1.8% from 1.5%, Bloomberg reported. The report highlights Italy’s recovery following a slowdown in the wake of the eurozone debt crisis in 2011. It comes amid a broad economic acceleration for the currency bloc. In fact Germany, the eurozone’s biggest economy, posted earlier on Tuesday stronger than expected quarterly growth figures. Eurostat, the eurozone statistics agency, is set to release its second reading on GDP later Wednesday. The euro, which rose on the back of the strong German data, climbed further after the release of the data on Italy. It recently climbed 0.33% on the buck to $1.170.

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