Economy Minister Pier Carlo
Padoan on Friday played down disappointing growth data released
by national statistics Istat.
Italy's gross domestic product (GDP) rose 0.1% in the
final quarter of 2015 with respect to the previous three months
and 1% with respect to the same period in 2014, Istat said in
its flash estimates.
National statistics agency Istat had forecast a GDP
increase of 0.2% for the fourth quarter, while a Bloomberg
survey of analysts gave an average prediction of 0.3%.
The data led to lower-than-expected figure for the whole
of last year, when GDP increased 0.7% with respect to 2014,
Istat said in its preliminary estimate on Friday based on raw
quarterly data.
The national statistics agency estimated that the
seasonally adjusted increase was 0.6% - the definitive data will
be release in March.
Both provisional figures are well below the 0.9% growth
estimate that Premier Matteo Renzi's government gave in its
update statement for its economic blueprint - the economic and
financial document (DEF).
Nevertheless, the data also confirms that Italy recovered
in 2015 year after three consecutive years of negative growth -
-2,8% in 2012, -1,7% in 2013 and -0,4% in 2014.
The last time Italy had had a year of positive growth was
in 2011, when GDP rose 0.6%.
"The 0.7% to emerge from Istat is lower than the
government's prediction," admitted Padoan.
"I'd have preferred to see a few decimals more, but
decimals don't count for much.
"The important thing is that we are in growth gear after
three years of deep recession. This has been confirmed and will
be reinforced in 2016".
But opposition parties said the data showed the Renzi
government's policies were not working.
"The Istat figures are merciless," said Maria Stella
Gelmini, an MP for ex-premier Silvio Berlusconi's centre-right
Forza Italia and former education minister.
"After the cold shower of employment data (showing
unemployment rose from 11.3% to 11.4% in December), which does
not say much for the Jobs Act (labour-market reform), now its
the turn of the economy, which is stagnating.
"GDP is not growing and the signals on the horizon are not
positive.
"Consumer spending is low and investment is not taking
off.
"It's a worrying outlook that the premier cannot put down
to ill-wishers.
"With the government imprisoned by paralysis and debt, the
time has come to change".
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