GDP, Istat: in the 1st quarter +0.3% cyclical and +0.6% annual, above expectations
According to Istat, in the first quarter of 2024 it is estimated that the gross domestic product (GDP)expressed in chained values with the reference year 2015, corrected for calendar effects and seasonally adjusted, increased by 0.3% compared to the previous quarter and by 0.6% in trend termsthe. The first quarter of 2024 had three more working days than the previous quarter and the same number of working days compared to the first quarter of 2023. The economic change is the synthesis of an increase in added value in all sectors: agriculture, forestry and fishing, industry and services. On the demand side, there is a negative contribution from the national component (gross of inventories) and a positive contribution from the net foreign component. The change acquired for 2024 is equal to +0.5%.
“The Italian economy grew in the first quarter of 2024 by 0.3% compared to the previous quarter and by 0.6% compared to the first quarter of 2023 in terms of real GDP values corrected for calendar effects and seasonally adjusted. Yes This is the third positive change, after the decline recorded in the second quarter of 2023”, comments Istat. “The preliminary estimate for this quarter reflects an increase in the primary sector, the industrial sector and the services sector. On the demand side, the national component, measured gross of inventories, is decreasing, while an increase in net foreign component. With this result, the provisional nature of which is underlined, the change acquired for 2024 stands at 0.5%”, concludes the statistics institute.
Germany: First quarter GDP +0.2%, more than expected
In Germany, GDP grew by 0.2% on a quarterly basis in the first quarter of the year, more than expected (+0.1%). This was reported by the Federal Statistical Office Destatis. The last quarter of 2023 closed with a drop in GDP of 0.5% (figure revised from the previous -0.3%). On an annual basis, GDP in the first quarter recorded -0.2%. The modest growth in the first three months of the year, explains Destatis, is due to the increase in gross fixed investments in the construction and export sectors. On the other hand, there was a decline in household final consumption expenditure.
GDP, France: +0.2% cyclical in the 1st quarter of 2024 and +1.1% annual, above expectations
The French economy grew by 0.2% on a quarterly basis in the first quarter of 2024, above market forecasts and fourth quarter data by 0.1%. This was the fastest pace of quarterly expansion since the second quarter of 2023, thanks to the strong contribution of final domestic demand (0.4 percentage points). Household consumption accelerated (0.4% versus 0.2% in the fourth quarter), thanks to the stability of purchases of goods (0.1% versus -0.5%) and the recovery in energy consumption (0.7 % versus -2.3%). Furthermore, public spending increased further (0.6% versus 0.5%). Fixed investments recorded a rebound (0.3% against -0.9%), linked to the rebound in manufactured goods (0.8% against -1.1%), in particular means of transport; and in market services (0.5% vs -0.8%), in particular in communication. On an annual basis, the economy grew 1.1% in the first quarter, beating the consensus of 0.9% and reporting the strongest increase in three quarters.
#quarter #GDP #Italian #economy #accelerates #beats #Germany