The Italian economy grew by 0.7% in 2015, Istat said on Friday. The GDP figure is 0.1 of a percentage point lower than the national statistics agency's preliminary estimate of 0.8% GDP growth in March. But Italian economy did not endure a year of recession in 2014, according to Istat's revised GDP data released by Istat.
The agency said GDP rose by 0.1% in 2014, 0.4 of a percentage point higher than the negative growth of -0.3% estimated in March.
Istat confirmed that Italy's deficit-to-GDP ratio was 2.6% in 2015 - the same as its preliminary estimate - even though it has revised down its growth figure for last year. The deficit was 3% in 2014.
Istat said Italy's debt-to-GDP ratio for 2015 was 132.2%, lower than its preliminary estimate in March of 132.7%. The public debt was 131.8% in 2014.
Istat President Giorgio Alleva said Friday that the national statistics agency's revised data for 2014 showed that the crisis "turning point" was earlier than previously thought. He also said it showed Italy's recovery began at the same time as its eurozone partners. "There was a element of debate (about the recovery) - first the others, then us," Alleva said. "The revision makes our position more coherent with the European picture".
The economy ministry said that Istat's revised GDP data for 2014 showed that the economic recovery coincided with the arrival of Premier Matteo Renzi's government early that year. "The first year of recovery coincides with the swearing-in of this government," a ministry spokesperson said. "This encourages us to continue in the direction the executive has taken... the 2014 revision suggest that the government's demand-support policies had an impact right from the first year.
"The intensity of the recovery is not considered satisfactory," the spokesperson added. "But growth came back three years ago".
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