Italy’s economy grows by 1.2 per cent in 2010

The Italian economy slowed by 0.1 per cent in the fourth quarter of 2010 but grew 1.2 per cent for the full year, in line with government forecasts, national statistics agency Istat figures showed yesterday.

Economic growth for 2010 was 1.2 per cent according to data adjusted for the number of working days and seasonal effects. According to non-seasonally adjusted data, Italy’s Gross Domestic Product (GDP) rose 1.3 per cent.

The GDP rose 0.1 per cent in the fourth quarter compared to the third, according to Istat. Economic activity was slower in late 2010 after growth of 0.3 per cent in the third quarter and 0.5 per cent in the second.

In 2010, the GDP rose by 1.5 per cent rather than the 1.3 per cent estimated by the statistics agency.

In 2009, the economy shrank 5.2 per cent, Istat said, revising its earlier estimate of five per cent.