Home Economy Italian GDP decline could exceed 0.5% in Q1, says Bank of Italy

Italian GDP decline could exceed 0.5% in Q1, says Bank of Italy

0
Italian GDP decline could exceed 0.5% in Q1, says Bank of Italy

UNITED STATES, WASHINGTON (TRADING SIGNAL GROUP) – Italy’s economy is expected to contract just over 0.5% in the first quarter, Bank of Italy chief executive Luigi Federico Signorini said on Friday.

“Based on the available indicators, we can estimate that in the first quarter of 2022, gross domestic product (GDP) shrank by just over half a percentage point compared to the previous quarter,” he said.

Among the causes of this contraction in economic activity are, among others, the impact of the war in Ukraine, rising costs of raw materials, including energy, and disruptions in supply chains, he said.