MILAN: The troubled Italian economy, the third-biggest in the eurozone, stagnated in the third quarter, ending two years of contraction, revised data showed on Thursday.
The revision upgrades a first estimate of a 0.1-percent contraction compared with output in the previous quarter, with the new data also showing the economy shrank by 1.8 percent over 12 months, instead of the earlier 1.9 percent.
Italy has pulled away from deep political crisis but is still going through a period of big structural reforms to tackle a debt mountain and raise efficiency.
The end of two years of consecutive contraction comes as official data also showed industrial production up by a more than expected 0.5 percent in October.
"This means that in one way or another, the recovery is returning and is affecting several production sectors," said Employment Minister Enrico Giovanni.
The government has forecast the economy will take a turn into growth by the end of the year and for the economy to expand next year by 1.1 percent.
indiatimes.com
The revision upgrades a first estimate of a 0.1-percent contraction compared with output in the previous quarter, with the new data also showing the economy shrank by 1.8 percent over 12 months, instead of the earlier 1.9 percent.
Italy has pulled away from deep political crisis but is still going through a period of big structural reforms to tackle a debt mountain and raise efficiency.
The end of two years of consecutive contraction comes as official data also showed industrial production up by a more than expected 0.5 percent in October.
"This means that in one way or another, the recovery is returning and is affecting several production sectors," said Employment Minister Enrico Giovanni.
The government has forecast the economy will take a turn into growth by the end of the year and for the economy to expand next year by 1.1 percent.
indiatimes.com
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