Italy economy stagnates in Q3, casting shadow over outlook
ROME, Oct 30 (Reuters) -The Italian economy stagnated in the third quarter from the previous three months, preliminary data showed on Wednesday, missing forecasts and casting a shadow over growth prospects in the euro zone's third largest economy.
On a year-on-year basis, third quarter gross domestic product was up 0.4%, national statistics bureau ISTAT said.
A Reuters survey of 25 economists had forecast a 0.2% rise quarter-on-quarter and a 0.7% increase year-on-year.
Giorgia Meloni's government is officially forecasting the economy to expand by 1% this year, but following downward revisions to the first two quarters Economy Minister Giancarlo Giorgetti said this month that the goal may be out of reach.
Prior to ISTAT's third quarter estimate most analysts were forecasting Italian 2024 growth roughly in line with last year's 0.7% rate.
Those forecasts are now likely to be revised down.
ISTAT confirmed its previous data for the second quarter, at 0.2% compared with the previous three months and 0.6% year-on-year.
So-called "acquired growth" at the end of the third quarter stands at 0.4%, ISTAT said in its preliminary statement.
This means that if there were to be zero quarter-on-quarter growth in the final three months, over the whole of 2024 GDP would increase by 0.4% from the previous year.
ISTAT will issue final GDP data for the third quarter on Dec. 2. The institute's definitive data often revises its preliminary estimate.
ISTAT gave the following details on Italian GDP in the first three quarters of this year:
Q3 Q2 Q1
Q/Q (pct change) 0.0 0.2 0.3
Y/Y (pct change) 0.4 0.6 0.3r
r=revised
(Reporting By Gavin Jones)
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