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Mercoledì, 09 Settembre 2015 16:02

Eurozone and Italy economic growth revised upwards

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Rome - The eurozone and the Italian economies grew more rapidly than previously estimated in the three months to June. According to the European statistics agency Eurostat, the gross domestic product of the eurozone's 19 members increased by 0.4 percent in the second quarter over the first, as against the previous estimate of 0.3.

For the European Union as a whole, growth in the second quarter was 0.4 percent, down from the forecast 0.5. Eurostat also raised its second-quarter growth estimates for Italy to 0.3 percent from 0.2, less than the 0.4 percent of the first quarter. Germany saw growth from 0.3 percent in the first quarter to 0.4 in the second. France on the other hand recorded zero growth between April and June, well below the 0.7 percent between January and March. Greece's GDP climbed from 0.1 percent in the first quarter to 0.9 percent in the second. The figures on Italy confirm the government's expectations, according to which the growth will reached 0.7 percent by the end of the year. The Italian economy "is improving but is still fragile and must be strengthened," said Economy Undersecretary Pier Paolo Baretta. "The country has recovered from seven years of recession and the figures are getting better. The economy is growing on its own but also thanks to the measures taken by the Renzi government." According to the undersecretary, former Prime Minister Mario Monti "has put a train that was derailing back on track. The Letta government tightened the bolts but what was needed was a change of speed; the train had to go faster. The Renzi government strengthened the recovery and now we are glimpsing the positive effects. We have reached 0.7 percent but we can do better," he concluded. The European stock markets responded well to the revision of Eurozone growth figures: all markets were up at mid-session. (AGI)

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