The Italian economy expanded at the fastest pace since the second quarter of 2015, the growth being driven by a sharp rise in exports coupled with increase in investment as well. Also, rise in consumer spending supported the cause.
The third largest economy of the Euro area expanded 0.3 percent at the start of the year, after suffering a triple dip recession since the end of the financial crisis and grew at a 1 percent pact on an annual basis, data released by Istat showed Tuesday.
Growth was driven by a 0.3 percent rise in consumer spending, followed by a 0.8 percent rise in investment, compared to the fourth quarter of 2015. However, the 1 percent growth in imports almost offset the 1.3 percent rise in exports in the three months to March.
The moderate pace of expansion came after the European Central Bank launched a EUR80 billion per month stimulus package, amid fall in oil prices to USD50 per barrel since peaking at over USD112 in June 2014, reports confirmed.
According to the International Monetary Fund, Italy is predicted to remain well below its pre-financial crisis peak for the coming few months.
“It is not set to eclipse its 2007 size for another decade and still lumbers under a 130 per cent debt mountain,” the IMF added.
Published: 2016-05-31 12:50:00 UTC+00
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