In the first quarter of 2012 the Italian GDP fell by 0,8% compared to the period October-December 2011 and by 1,4% on an annual basis (data revised downwards from 1,3% of the preliminary estimate). This was communicated by Istat, formalizing the recession in our country, which recorded negative growth for the third consecutive quarter. The cyclical decline is the worst since the first quarter of 2009, when the contraction on the previous quarter was 3,5%.
It weighs mostly national question which, net of inventories, subtracted 1,2 percentage points from GDP growth: household consumption -0,6, gross fixed investments -0,7, while public administration spending contributed positively by 0,1 points percentages. The change in inventories also contributed negatively to GDP growth (-0,5%), while the contribution of net foreign demand was positive by 0,9%. On the supply front, the trend showed negative cyclical variations for the added value of industry (-2%) and services (-0,6%), while that of agriculture increased by 4,9%.
HOUSEHOLD CONSUMPTION -2,4% ON YEAR
Household consumption at stake. In the first quarter of 2012, household spending on the national territory recorded a reduction of 2,4% on an annual basis and of 1% on the previous three months. This was communicated by Istat underlining that the purchases of durable goods have suffered a real collapse: on an annual basis they have fallen by 11,8%. The expenditure of non-durable goods was also bad, falling by 2,3%, while purchases of gift services decreased by 0,2%.
YOUTH UNEMPLOYMENT 2008-2011 +7,8%
In the four-year period 2008-2011, the unemployed aged between 15 and 24 increased by 7,8%. The number of those who do not work and do not study, the so-called "Neet", is also growing, reaching the threshold of 22,7%, 3,4% more than in 2008.
