ROME (Reuters) – Italy’s economy shrank 0.1% in the fourth quarter of last year from the previous three months, national statistics bureau ISTAT said on Friday, confirming a flash estimate issued on Dec. 31.
On a year-on-year basis, fourth quarter gross domestic product was up 1.4%, revised from an originally estimated 1.7% issued on December 31.
Growth in the third quarter was revised down to 0.4% quarter-on-quarter from an originally reported 0.5%, and to 2.5% year-on-year from 2.7%.
The Treasury estimated in November that the economy would contract in the fourth quarter of last year and also in the first quarter of 2023, dumping the country in recession – defined as two consecutive quarters of falling GDP.
ISTAT gave the following details on contributions to quarterly growth for the fourth and third quarters of last year.
PERCENTAGE POINT CONTRIBUTIONS TO Q/Q GROWTH
Q4 2022 Q3 2022
Final domestic demand -0.4 1.3
-Final national consumpton -0.9 1.2
-Consumer spending -0.9 1.3
-Government spending 0.1 0.0
-Gross Fixed Investment 0.4 0.0
Inventory Changes -1.1 0.0
Net Exports 1.4 -0.8
GDP -0.1 0.4
(Reporting by Antonella Cinelli)