The Italian gross domestic product grew in the first quarter of 2017. The increase was 0,5% compared to the previous quarter and, more reassuringly, 1,8% on an annual basis. This was communicated by Istat, which published the data corrected for the effects of the calendar and seasonally adjusted.
Looking at the figure in absolute values, the GDP for the quarter is equal to 400 billion and 547 million euros. This is the highest value for almost six years, ie since the last quarter of 2011. However, we are still below the pre-crisis peaks, reached in 2008, of around 5,9%. In other words, it could be said that Italy has recovered what it lost during the second recession, while there is still a long way to go to `heal' the damage caused by the first.
Premier Paolo Gentiloni, speaking on the sidelines of the inauguration of the Open Fiber construction site in Teramo, expressed satisfaction: "the economy is accelerating, don't squander the results". The acquired change in GDP, i.e. the one that would be recorded in the event of zero economic growth in the last three months of the year, is 2017% for 1,5, in line with the Government forecast included in the update note to the Def .
According to Istat historical series, the trend figure is the highest since 2011. The cyclical change is the synthesis of a decrease in the added value of agriculture and a simultaneous increase in the industrial and service sectors. Quarterly growth is in line with expectations. In fact, the Istat estimate coincides with the consensus of analysts reported by Bloomberg in recent days. Pier Carlo Padona, Minister of the Economy, and the Bank of Italy had also indicated a rise of 0,5%.
The growth of the Italian GDP is practically identical to that of the French GDP. In the United States, an increase of 0,7%, +0,4% in the United Kingdom. If the figure, compared with other countries, is good on a quarterly basis, it is not the same as regards the trend terms. Only the United Kingdom (+1,5% on an annual basis) is doing worse than us, while the USA (+2,3%) and France (2,2%) are doing better.
As for the Eurozone, here are the Eurostat data: +0,6% in the third quarter, +2,5% on an annual basis. Among the member countries, Latvia and Cyprus are the ones that are growing the most.
