'Misdirected Forecast' Italy GDP in 4Q Down 0.3% Quarter-on-Quarter
[Asia Economy Reporter Lim Cheol-young] Italy's economy contracted in the fourth quarter of last year, contrary to expectations, compared to the third quarter.
According to Bloomberg on the 31st, Italy's fourth-quarter Gross Domestic Product (GDP) decreased by 0.3% compared to the third quarter. This is the largest decline since 2013. Previously, experts had predicted a 0.1% increase.
The economic contraction was particularly notable in the industrial and agricultural sectors. This poor performance comes shortly after the International Monetary Fund (IMF) warned that public debt would continue to rise amid low economic growth rates.
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As a result, the Italian stock market is experiencing larger declines. The Italy FTSE MIB index, which had recorded gains early in the session, fell by 0.87% during the day to 23,573.56. The decline is widening as time passes.
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