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Italy posts zero GDP growth in Q4, out of technical recession: preliminary data

Xinhua, February 13, 2015 Adjust font size:

Italy's economic output posted zero growth in the last quarter of 2014, marking the end of technical recession, according to preliminary data released by national statistics institute Istat on Friday.

"In the fourth quarter of 2014 the seasonally and calendar adjusted, chained volume measure of gross domestic product (GDP) remained unchanged with respect to the third quarter of 2014," Istat said in a statement.

The Italian economic output in the October-December period decreased by 0.3 percent in comparison with the same period of 2013, Istat added.

GDP had fallen 0.2 percent in the second quarter and 0.1 percent in the third quarter of last year. Technical recession occurs when the level of national output declines over two successive quarters.

Istat also said Italy's GDP dropped 0.4 percent in 2014 as a whole compared to 2013, according to preliminary data.

Italian Economy Minister Pier Carlo Padoan said earlier this week that his country's economy, which has not grown for 14 quarters since the April-June period in 2011, was accelerating.

The Italian central bank expects Italy's GDP to expand more than 0.5 percent this year and more than 1.5 percent in 2016. Endit