Italy’s economy witnessed growth for the fourth consecutive quarter in the three months ending in June, consistent with preliminary flash data, according to the latest figures from the statistical office ISTAT released on Monday.The Gross Domestic Product (GDP) increased by 0.2 percent quarter-on-quarter in the second quarter, following a 0.3 percent rise in the preceding quarter.In terms of expenditure, household consumption rose by 0.2 percent, while government consumption expenditure fell by 0.5 percent. Investments made the largest contribution to quarterly growth, expanding by 0.3 percent.Conversely, net foreign demand negatively impacted growth by 0.3 percent, as the drop in exports outpaced that of imports.On an annual basis, GDP grew by 0.9 percent compared to a 0.6 percent increase in the fourth quarter. This marks the fastest growth rate since the first quarter of 2023, as anticipated.Additionally, official data indicated that producer prices declined at a slower annual rate of 1.1 percent in July, following a 2.5 percent drop in the previous month. The overall decline primarily stemmed from a 3.0 percent reduction in energy costs.On a monthly basis, producer prices rose by 1.3 percent, up from a 0.7 percent gain in June. The upward trend was driven by increases in energy prices, particularly in electricity supply in the domestic market.The material has been provided by InstaForex Company – www.instaforex.com
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