Italy's economic performance in the third quarter remained unchanged, as previously estimated, with the unemployment figures reaching a historic low not observed since 2007, according to official statistics released on Monday.
The country's Gross Domestic Product (GDP) remained stable quarter-on-quarter during the third quarter, following a modest increase of 0.2 percent noted in the previous second quarter, as reported by ISTAT, the national statistical agency. This outcome aligns with the initial estimates announced on October 30.
Year-over-year, the GDP experienced an expansion of 0.4 percent, consistent with earlier projections, although this represents a deceleration from the 0.7 percent growth recorded in the second quarter.
From the expenditure perspective, household consumption marked an improvement, rising to 1.4 percent. However, government expenditures saw a decrease of 0.2 percent, and gross fixed capital formation declined by 1.2 percent.
Export activities saw a contraction of 0.9 percent, while import levels increased by 1.2 percent. The carry-over effect on the annual GDP growth forecast for 2024 stands at +0.5 percent.
In a separate report, ISTAT disclosed that the unemployment rate fell to 5.8 percent in October, down from 6.0 percent in September. This marks the lowest unemployment rate since April 2007.
Moreover, the unemployment rate among the youth showed a significant decrease, dropping to 17.7 percent from the previous month's 18.9 percent.
