Italy averted falling into recession within the first three months of the yr as revised statistics confirmed the economic system had grown, suggesting surprising resilience to any restoration forecast for the second quarter.
The gross home product rose by 0.1 p.c within the first quarter in comparison with the earlier quarter. This comes from revised knowledge from the Workplace of Nationwide Statistics and reversed the unique estimates of a 0.four p.c lower.
Which means that Italy has averted its second technical recession because the pandemic started, which is outlined as two consecutive quarters of the drop in manufacturing. GDP shrank within the first half of final yr, as a result of strict restrictions imposed by Covid-19.
Italy’s financial efficiency contrasts with France, the place final week’s numbers confirmed the economic system contracted marginally within the first quarter, moderately than rising 0.four p.c because the preliminary estimates.
Investments rose 3.7 p.c, a “surprisingly sturdy” determine, mentioned Paolo Pizzoli, ING’s senior economist.
The information got here as a constructive shock to the eurozone’s third largest economic system, mentioned Pizzoli, who added that accelerated reopenings had “paid off” together with sooner vaccination from Prime Minister Mario Draghi.