Italian economy grows 0.5% in 3rd quarter

ANKARA

Italy’s gross domestic product rose 0.5% in the third quarter of 2022, according to preliminary estimates released on Monday.

"The quarter-on-quarter change is the result of a decrease of value added in both agriculture, forestry and fishing, and industry, whereas the service activities recorded an increase," the Italian National Institute of Statistics said in a statement.

The country's GDP growth slowed from a 1.1% hike in the second quarter.

On a yearly basis, Italy’s economy grew 2.6% in July-September while the annual growth was 4.7% in the previous three-month period.

Italy’s annual inflation rate spiked to 11.9% in October, the highest in 38 years, while consumer prices jumped 3.5% month-on-month, the largest rise on record.​​​​​​​