Italian GDP unchanged in Q3, +0.4% year-on-year. Surprising increase in Germany: +0.2%.
The third quarter of 2024 had three extra working days compared to the previous quarter and one extra working day compared to the third quarter of 2023.The acquired change for 2024 is 0.4%.
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Key points
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In the third quarter of 2024, gross domestic product (GDP), expressed in chain-linked values with reference year 2020, adjusted for calendar effects and seasonally adjusted, is estimated to have remained stationary compared to the previous quarter and to have grown by 0.4 per cent compared to the third quarter of 2023. This is what Istat clarifies. The third quarter of 2024 had three more working days than the previous quarter and one more working day than the third quarter of 2023.
The change in the economic situation, explains the statistics agency, is the result of a decrease in added value in both the agriculture, forestry and fishing and industry sectors and an increase in the services sector. On the demand side, there is a positive contribution from the domestic component (before inventories) and a negative contribution from the net foreign component. The assumed change for 2024 is 0.4%.
Germany GDP surprisingly grows, +0.2% in Q3
So far the estimate on the Italian economy. But today an indication was given on the trend of the gross domestic product in the main European countries. Germany's GDP, for example, surprisingly grew by 0.2 per cent in the third quarter compared to the previous quarter. This was announced by the Federal Statistical Office.
France: GDP Q3 slightly up +0.4% 'stimulated' by Olympics
As far as France is concerned, GDP grew by 0.4 % in the third quarter (+0.2 in the second). This was announced by the Insee (the French national statistics institute) in an initial estimate in line with its forecasts. Growth, according to the Insee was 'stimulated by the Olympic and Paralympic Games'. Final domestic demand, a note explained, (excluding inventories) regained some momentum, driven by a rebound in household consumption (+0.5% after +0.0%). In contrast, gross fixed capital formation continued to decline (-0.8% after -0.1%). Overall, domestic demand (excluding inventories) made a positive contribution to GDP growth this quarter: +0.2 points after +0.1 points in Q2 2024.
The contribution of foreign trade to growth remained slightly positive in Q3 (+0.1 points after +0.2 points), with imports falling more sharply (-0.7% after +0.1%) than exports (-0.5% after +0.5%). Finally, third-quarter GDP +1.3% year-on-year.
